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Fire & Water - Cleanup & Restoration

Your Options When You Don't Have a Flood Policy

9/17/2018 (Permalink)

Flooded warehouse in Warwick, RI

If you don't have flood insurance, and if your home was flooded recently, you be at a loss as to what to do. Flood restoration is costly, not to mention the cost of damage with which you're forced to deal. That said, you may not be entirely without options. Depending on where you live, you may be able to get a government grant or, if not, qualify for a loan. Talk to your Warwick, RI, flood damage restoration team regarding your options. Some viable options may include the following:

  • FEMA Grant
  • SBA Loan
  • Private Loan

Government Grant

The government offers up to $33,000 dollars per household for temporary housing, construction and repair costs for those who live in flood plane areas. These grants are designed to supplement what a flood insurance policy provides, though those without insurance still qualify. Most homeowners use these grants to replace uninsured belongings, make essential repairs and rent temporary housing.

SBA Loan

If you do not qualify for a FEMA grant, or if you need more money than what the grant offers, you can always apply for a small business loan. The money is only for uninsured losses and if damage occurred to your primary place of residence. That said, the amount of the loan is pretty significant and can be as much as $200,000 for your primary place of residency.

Private Loan

If you do not qualify for a government grant and if you cannot obtain an SBA loan, your only option may be to turn to a friend or family member for help. If you have close connections, it is not unthinkable that the people in your life would be willing to help you in your time of need.

If you do not have flood insurance, you are not without options. Talk to your Warwick, RI, flood restoration team regarding additional financing options today.

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