Here are some key points:
- Basic renters insurance doesn't cover flood damage. This is the one that was new to me -- just had not thought about it. The story alludes to the possibility of having it, but never saw it addressed before this article.
- Paid for? Might still need insurance! I wonder if a home is paid for if people also drop their fire insurance? I personally know three people whose homes have had significant fires. It can and does happen.
- Cost of flood insurance. If people think it is high, it is still not at market rates for the number of flood losses across the nation. Taxpayers in general are subsidizing their policies. Another form of entitlement program that people have gotten hooked on.
- Sewer backup. This is the cheapest insurance you will ever buy, and it, like flood insurance, requires an additional rider. And I've had at least one friend need it when during an earthquake, sewage shot up out of the toilets in his home and covered the bathroom (ceiling too) in ... you know what. That is when I personally bought it for a few dollars a month.
- SBA is a resource. These are not grants, but low-interest loans that have to be repaid, and you need to qualify to get the loan.
- IRS could be your fastest financial relief! It says something about our bureaucratic federal system of disaster relief that the IRS can be the fastest way to get a financial break. Depends on timing I guess. If you have a loss, have it in December. Get your refund in March!
