Reach Out to These Four Entities if You Don't Have Flood Insurance

7/17/2021 (Permalink)

Floods are the root of many serious problems if it's not treated on time.

Unless you are located on a specific flood plane where having flood insurance is a requirement, you likely do not have coverage for any damage caused by a storm surge or flood. While that might not be the news you were hoping to hear, you might still have options. Before you dial your local storm restoration service in New Bern, NC, contact your insurance company to discuss the specifics of your policy. If you are not covered for external flooding, then reach out to four organizations for help.

1. FEMA

The Federal Emergency Management Association might offer some relief if your area is deemed a site of natural disaster. However, without a formal declaration from the president, FEMA cannot provide access to grants. If a major disaster is declared, you can apply for a grant only for your primary home; as it is a grant, you will not need to pay the money back.

2. State or Local Government

Those without flood insurance can also reach out to state and local governments for assistance. While local municipalities might not offer grants, your local emergency management department might be able to give information on other resources.

3. Nonprofit Organizations

You can also reach out to the different nonprofit organizations in the area. Many nonprofits step up after natural disasters. Some might offer food and water, and others might provide temporary shelter to those in need. You might even find organizations like United Way, which can assist with home repairs and cleanup.

4. SBA

Finally, if you cannot find help from the above resources, try the Small Business Administration. During times of crisis, the SBA often opens up low-cost loans to those in need. SBA disaster loans typically have low-interest rates, between 4% and 8%, with loan caps of $200,000, depending on your needs.

While flood insurance is not a requirement in every area, it is something worth considering. However, even with coverage, there are ways to find assistance.