The Car Is Floating, Now What?

3/9/2020 (Permalink)

Water damage after heavy rain in Franklin, TN

The Car Is Floating, Now What

Severe weather in Franklin, TN, can bring with it flooding and other significant home damage. For many homeowners, there is a concern about what insurance will cover and what it won’t. Without getting into specifics about coverage, if a homeowner does not have flood insurance, the cost associated can be devastating; however, FEMA does offer some relief depending on the situation and homeowner eligibility.

1. Disaster Relief

Depending on the severity of the storm and the damage inflicted on the city or area you live in, the area may be classified as a designated disaster zone. These areas are often allotted some form of disaster relief and aid. If you want to find out if your city is eligible, you can call your local municipality or emergency management department.

2. Grants

If your location is not classified as a disaster area, you may be eligible for a FEMA grant. These grants max out at $33,000 but they can also go a long way in restoring your home or covering alternative living expenses. In order to be eligible, you have to prove that your insurance coverage will not cover the storm damage.

3. SBA Loans

While the government offers some excellent programs to help people reestablish themselves after a flood, the Small Business Administration (SBA) also provides low-interest loans of up to $200,000 for eligible borrowers to rebuild their home. Additionally, the SBA offers assistance in replacing larger ticket items, like cars, through smaller loans of up to $40,000.

4. Outside Help

you can also reach out to local restoration specialists who may be able to work with your insurance company directly or offer special financing to get you back in your home as quickly as possible.

When a flood strikes and you need assistance because of a lack of coverage, you should always reach out to FEMA first; however, you can also reach out to the SBA or other specialists directly to ensure that you get the help that you need.