Water damage is the home could mean a small problem that is easily fixed for a relatively low cost, or it could lead to prodigious repairs that cost thousands of dollars. In the latter case, you may feel at a loss as to what your family can do. Fortunately, options are available to help.
Look into Federal Assistance
If you’re unfamiliar with the Federal Emergency Management Agency, which is often shortened to FEMA, you should contact a representative to find out if you qualify for assistance from this entity. Depending upon the situation and circumstances of the flooding, you may qualify for total or partial coverage.
Speak with Your Insurance Agency
When you live in an area that is prone to flooding, obtaining insurance for this type of problem is imperative. In fact, you may be required to do so. If you have this type of insurance, make sure to speak with a representative as soon as possible. In the event that you do not, contact a representative from your home insurance agency. Asking about available coverage is the only way to find out what assistance you have.
Consider a Home Equity Loan
While you may think that you’re entirely precluded from a home equity loan due to the flood damage, you could be incorrect in some cases. For example, if you purchased the house many decades ago at an extremely low price, you may still have some equity in the house despite the damage. Also, the damage might be relegated to a minor portion of the house or the yard. Pursuing this path might be unlikely for many, but it’s worth looking into.
Ask for a Payment Plan
In the case of serious flooding issues, it’s unlikely that you’re tackling the work by yourself. Instead, you probably have a company coming in to complete the cleaning and repairs. Find out if payment plans are available. While you might not be able to pay a lump sum right now, you could pay some money each month toward the amount owed.
Procure a Loan
When none of these other options work, you can look into a personal loan. Make sure to pay attention to interest rates. You don’t want this project to turn into one that depletes you of all your money.
Seeing the flood damage in your house can be jarring. Knowing that there are ways to pay for the damage can give you hope.
If you have a water or flood damage problem and need help call our Water Damage experts today!