What if I Don't Have Flood Insurance?

2/24/2021 (Permalink)

Flooding can lead to severe water damage.

Many areas aren't located on a floodplain or prone to flooding. However, there's always a possibility that you could find your West Valley City, UT, home in a flood one day. In that case, what happens if you don't have flood insurance? There are a few options available to assist you.

3 Things to Consider if You Don't Have Flood Insurance

1. Prepare Ahead of Time

If there's a chance of an impending flood, it's best to be safe by being proactive. Move valuables and important documents to higher levels (e.g., upstairs or up on shelves). You can also put smaller important items in a clean, dry washing machine or dishwasher; they will keep water both in and out. If any of your valuables are too big or bulky to move (e.g., antique furniture), you can put a drain pan under each leg to keep the water away from it. However, this won't help for floodwaters that are more than an inch or two high.

2. Consider a Loan

If you've experienced a flood and your home has sustained damage, but you don't have flood insurance, you can consider getting a loan. The U.S. Small Business Association offers loans for which you can qualify even if you're not a business owner. They're primarily for homeowners who don't have flood insurance. These low-interest loans are available up to $200,000 for primary residence damage. The SBA also offers loans up to $40,000 for personal property damage (also available for renters).

3. Check Into Federal Disaster Assistance

The United States President must declare your state a major disaster area to get federal disaster assistance from the Federal Emergency Management Agency. They also must mark your county for individual assistance. A federal grant from FEMA will offer up to $33,000 per household for expenses incurred from a disaster like a flood. These expenses could include hiring flood damage restoration professionals, temporary housing, belongings replacement, and medical and funeral expenses.

If your home sustains a flood but no flood insurance, there are other options. Understanding them and being prepared before something happens can make a high-stress time a little less stressful.