quote:
Flood Insurance Requirement: Applicants whose homes are located in a Special Flood Hazard Area and who receive assistance for Repair, Replacement, Permanent Housing Construction, and/or Personal Property as a result of a flood-caused disaster must obtain and maintain flood insurance as a condition of accepting disaster assistance.

So basically FEMA will help you for the first mistake, but after that, you need to carry insurance.

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Posted by terd ferguson

Darren Wilson Fan Club President

Member since Aug 2007

114938 posts

Posted on 8/17/16 at 1:18 pm to LSUFanHouston

quote:

So basically FEMA will help you for the first mistake, but after that, you need to carry insurance.

That's the way I read it.

And it was stated in another thread that the max is like $32K but the average payout is around $7500. As someone else said earlier, this isn't comparable to getting an insurance payout... this is assistance. $7500 would just be a start but wouldn't cover most of the damage done to all these homes.

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

41609 posts

Posted on 8/17/16 at 1:24 pm to terd ferguson

quote:
And it was stated in another thread that the max is like $32K but the average payout is around $7500. As someone else said earlier, this isn't comparable to getting an insurance payout... this is assistance. $7500 would just be a start but wouldn't cover most of the damage done to all these homes.

Yes it is assistance, a start... now I think the limit for an SBA loan (which you have to pay back, although at a low rate) is much higher.

And we are talking about "FEMA" money. This does not cover any other programs that may come down the pipe, i.e. a Road Home type situation.

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