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FLOOD INSURANCE
What is Disaster Assistance
Disaster assistance is money or direct assistance to individuals, families and businesses whose property has been damaged or destroyed and whose losses are not covered by insurance. It is meant to help you with critical expenses that cannot be covered in other ways.
Key points about disaster assistance:
- Most forms of Federal disaster assistance require a Presidential declaration.
- Federal disaster assistance declarations are not awarded in all flooding incidents.
- The most typical form of disaster assistance is a loan that must be repaid with interest.
- The duration of a Small Business Administration (SBA) disaster home loan could extend to 30 years.
- The average Individuals and Households Program award for Presidential disaster declarations related to flooding in 2008 was less than $4,000.
- Repayment on a $50,000 SBA disaster home loan is $240 a month or $2,880 annually at 4 percent interest.
For more information about the NFIP and flood insurance, call (312) 600-7084 to contact our flood insurance specialist.
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