9 months ago
It’s so ridiculous flood insurance isn’t included in homeowners policies. I remember learning the hard way about how insurance companies will weasel out of paying for anything at all. My ceiling caved in at two separate houses and they were like sorry that’s an act of God.
9 months ago
If it was included expect the premiums to rise by no less than around $900, which is the amount I pay for federal at-the-limits (lowish) flood insurance in a non-flood zone.
9 months ago
9 months ago
(paywalled)
I haven't reviewed my home-owners insurance in a while, but maybe someone else can enlighten.
My mother's town decades ago was hit by a tornado, and from what I remember was that insurance helps quickly. They came a day later and wrote her a check.
FEMA and the governor/federal president declaring the site a disaster helps the federal government get money and supplies to the people there . So they will still be helped, it just takes time (I see a max of $42500[1]). Plus, congress can always pass a bill if current funding falls short, but that takes lobbying.
[1] https://finance.yahoo.com/personal-finance/how-much-will-fem...
9 months ago
You are unlikely to get anywhere near the $45,000 max FEMA assistance amount. As the article states the average amount has been around $3000. There are also usually local or state assistance programs.
A presidential disaster declaration also makes federal disaster loans available. Insurance typically takes a long time to pay out and disaster loans are often used to start rebuilding with the loans paid off with the eventual insurance pay out. The max for a disaster loan is $500,000 but that doesn't mean you will get authorized for that amount. Also whatever limit you are approved for will be reduced by the amount of received from FEMA, state or local assistance programs.
9 months ago