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Fire & Water - Cleanup & Restoration

3 Steps To Take After an Uninsured Flood Loss

11/4/2019 (Permalink)

Houses with severe flooding. Your insurance agent and local disaster recovery resources in Longmont, CO, can help you get started with the process.

Most homeowner's insurance policies do not cover flood damage and private insurance may be difficult to obtain if your home is located in a flood plain. If you have a flood-damaged home and no flood insurance, there are three steps you can take that may help you recover your damages.

1. Review Your Insurance Policies. Sometimes flooding is caused by a separate event, such as wind-driven rain, that might be covered by your homeowners or other insurance policy. For this reason, before you pay expenses out of pocket or seek assistance elsewhere, it may be a good idea to check with your insurance company to see if your policy covers any of your damages.

2. Apply for a FEMA Grant. If you meet the eligibility requirements, you may be able to receive a grant from the Federal Emergency Management Agency (FEMA). These grants can not be used for expenses covered by insurance, so you may want to complete step one before you apply. If you qualify, you may be able to receive funds to help you pay for repair or replacement of your home and its contents, temporary housing expenses and miscellaneous flood-related expenses, such as water damage repair and restoration.

3. Apply for a Small Business Administration Loan. If you still have a shortfall after any available flood insurance and grant money has been exhausted, you may wish to apply for a loan through the Small Business Administration. These loans are available for qualified residential losses due to flooding and other disasters. The interest rate varies depending on whether you can get credit through the private market, but generally will still be lower than most private loans.

Recovering from flood damage without flood insurance can be difficult, but by following these three steps, the process can be made more manageable. Your insurance agent and local disaster recovery resources in Longmont, CO, can help you get started with the process.

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