Facing Flood Damage Without Flood Insurance? Know Your Options

9/11/2018 (Permalink)

Damage roof by storm in Indian Harbor Beach, FL

For many homeowners, flood insurance can easily sound like a perk at best or anxious overkill at worst. That’s until a busted pipe, a rising water table or a flash flood happens. Now you’re looking at two feet of water in your basement and facing a mountain of expense with no way out. Or are you? It turns out Indian Harbor Beach, FL, homeowners without coverage still have options if they know where to look.

What is Flood Damage Insurance?

At its most basic, this is specialized insurance to cover damage to your home caused by excess water. Offered in all 50 states, this insurance is obtained through the federal government's NFIP flood insurance program with help from a local insurance agency. Like any insurance policy, flood coverage involves deductibles and covers specific items like:

• Appliances
• Carpeting and window treatments
• Foundation walls
• Cabinets
• Personal items

As with homeowner’s insurance, there are limits to what’s covered and deductibles before coverage is provided.

What Happens If You Don’t Have Flood Coverage?
If the unthinkable happens and you don’t have flood coverage, you’re likely to have to shoulder much of the expense. But there is some help available from federal government grants and low-cost loans. The Federal Emergency Management Agency offers grant money that can substitute for flood insurance. So does the U.S. Small Business Administration.
Best of all, you can apply for FEMA grants if your area is covered under a federal disaster. Also, you can likely get expedited approval and more immediate assistance if your home is uninhabitable.
After a flood, there’s everything from housing to flood remediation to worry about. For some, a lack of insurance is another strain. If you’re facing flood damage without insurance, try the above tips to get the help you need. And if disaster hasn’t struck, whether you live on a flood plane or not, consider investing in coverage in advance.