What do you do if your rental property floods and you don’t have flood insurance?
Last month, the historic Hurricane Harvey hit Texas and Louisiana, bringing a record 51 inches of rain and leaving 33 Texas counties under federal disaster declaration. For those families who don't have flood insurance, FEMA is alotting over $172 million for disaster relief. The fastest and easiest way to get federal assistance is to apply online at DisasterAssistance.gov. However, landlords without flood insurance have to take a different route. While rental properties are not eligible for FEMA's disaster assistance program, there are still some options available that we have highlighted:
- Apply for a low-interest loan from the Small Business Administration (SBA): If your rental property is occupied by tenants, you may be eligible for a low-interest loan from the SBA. Visit their website at https://www.sba.gov/.
- Look into Disaster Unemployment Assistance: If you are self-employed and your source of income was directly impacted by Hurricane Harvey, you may be eligible for FEMA-funded unemployment benefits for up to 26 weeks. Click here for more information on getting assistance.
- Consult a counselor for emotional guidance: The Substance Abuse and Mental Health Services Administration(SAMHSA) offers counseling and support to people experiencing emotional distress related to a natural disaster.
- Refinance an undamaged rental home: You could refinance with Visio to take equity out of another property and repair your damaged property. For more information on our refi options, visit our Loan Programs.
For more information on fixing up flood damage in your property, check out this great guide from Fast Home Help.