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Fire & Water - Cleanup & Restoration

3 Ways To Get Help For Uninsured Flood Damage

6/18/2022 (Permalink)

Flood insurance form on a table with a book. As the risk of flooding continues to rise, more individuals are purchasing flood insurance for peace of mind.

Uninsured Flood Damage: 3 Options for Assistance

An inch of water has the potential to create $25,000 worth of damage to a home. That makes it no surprise that homeowners with mortgages who live on a flood plain in Knoxville, TN, are required to have flood insurance. If your uninsured home sustains flooding damage, you may feel helpless to cover the costs of water damage cleanup and restoration work. Luckily, if the event has been deemed a federal disaster, there is help available.

1. FEMA Grants
These grants provide households an initial $36,000 to help cover some of the costs associated with repairs, construction and temporary housing, as well as other disaster-related issues. This may include replacing damaged belongings and medical care assistance. These grants typically last up to 18 months and do not need to be paid back. Although it may not provide what flood insurance would, the program has kept many homeowners afloat.

2. SBA Disaster Loans
Even if you aren’t a business, the SBA may be able to help. These are designed specifically for uninsured residences that have sustained damage. Loan amounts available included up to $200,000 to replace or repair the home or refinance the mortgage. You can also obtain up to $40,000 to cover replacement costs of your belongings. These loans typically have 30-year terms and low-interest rates.

3. Other Government Services
Along with federal aid, many states, counties and local governments offer relief services. While they may not cover repair costs, they may be able to help with food during recovery, unemployment benefits and assist with applying for federal aid. Most cities and states have a website available that includes a resources page.
With flooding risks continuing to rise, many more people are getting flood insurance for peace of mind. If the unexpected happens before you can get a policy, there is help out there to help you through the chaos.

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