Will my renters insurance cover flood damage to my home?
Most renter’s insurance policies do not cover flood damage. However, renters can buy flood coverage, and it’s an especially good idea if you live on a lower floor.
What should I do if I don’t have flood insurance?
If your home floods and you don’t have flood coverage, help may be available. If the federal government declares your community a disaster area, you can apply for a FEMA Disaster Grant through the agency’s Individuals and Households Program. FEMA may provide up to $33,000 for home repairs and temporary housing. Assistance from FEMA doesn’t have to be repaid, and it’s not considered taxable income. Visit DisasterAssistance.gov to enter your city and find out if you’re eligible for help. To apply for assistance, visit DisasterAssistance.gov or call 800-621-3362 or 800-462-7585 (TTY).
Keep in mind that if you live in a Special Flood Hazard Area, you’re required to carry flood insurance. FEMA may provide emergency dollars, but you’ll need to submit a claim to your insurance company. Once your insurance claim is paid, you must repay FEMA.
Homeowners who live in a declared disaster area but aren’t able to get FEMA help can apply for another program, offered through the U.S. Small Business Administration (SBA). The SBA provides loans of up to $200,000 to homeowners to repair or replace a flooded home or business. The SBA also offers loans of up to $40,000 to replace damaged or destroyed belongings, such as furniture, clothing, and cars. Apply by contacting the SBA.
Does auto insurance cover flood-damaged cars?
If you have comprehensive auto insurance, your policy most likely covers flood damage.