And unlike Federal aid, it never has to be repaid. Flood insurance means you'll be reimbursed for all your covered losses. When disaster strikes, flood insurance policyholder claims are paid even if a disaster is not Federally declared. Option 2: Buy flood insurance and stay protected no matter what. The bottom line is that if you're looking for secure protection from financial loss due to flood damage, Federal disaster assistance is not the answer. Most importantly, you must consider the fact that if your home is flooded and disaster assistance isn't offered, you'll have to shoulder the massive damage costs alone. Even if you do get disaster assistance, it's often a loan you have to repay, with interest, in addition to your mortgage loan that you still owe on the damaged property.
The truth is that Federal disaster assistance is only available if the President formally declares a disaster. government will take care of all their financial needs if they suffer damage due to flooding. Many people wrongly believe that the U.S.
Option 1: Hope that you'll receive Federal disaster relief if a flood hits. How can you protect your most important investment in case of flooding? There's something you should know: Flood losses are not covered by your homeowners insurance policy.įloodwaters have the power to damage not only your home and sense of security, but also your financial future. Flood Insurance Information Boca Raton Flood Insurance
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