As a homeowner, it feels like you give everything — money, swears, and tears —into making your house into a safe haven. However, no matter how much you give, water damage can wreck everything and leave you feeling powerless.

Flooding can happen quickly, especially during a strong downpour or hurricane. This is due to the fact that the land's slope, or grading, may either drain or draw water in. According to a 2020 New York Times study, 14.6 million houses are in danger of floods. Water damage repairs can sadly cost $3,000 on average.

Water damage is hardly ever covered by standard homeowner's insurance plans. While flood insurance is the most efficient technique for protecting yourself from expenditures after serious flood damage, there are a variety of relief programs available if you do not have one.

FEMA Grants

Through the Federal Emergency Management Agency (FEMA), the federal government provides funding to repair flood damage to your property and pay additional expenditures.

Individuals and Households Program (IHP) is one such program. This program is available to residents of federally recognized disaster areas. IHP grants help you quickly get back into your house after a disaster. Grants can be up to $30,000 in total; although, disbursements are often much smaller. For example, the average compensation for homes flooded by Hurricane Sandy in 2012 was $8,016.

If your property is uninhabitable, you can apply for a FEMA grant for home rental costs while specialists fix the damage to your house. In extraordinary cases, FEMA may also help with the development of permanent or semi-permanent homes.

SBA Disaster Loans

The Small Business Administration (SBA) offers low-interest, long-term loans to businesses, charity organizations, homeowners, and renters to repair damaged equipment and inventory. The SBA provides a variety of lending programs, including the Economic Injury Disaster Loan, Military Reservists Economic Injury Disaster Loan, and the Express Bridge Loan Pilot Program, which can give you up to $25,000.

Each SBA disaster loan category has its own set of requirements. In most cases, a declared emergency must have caused damage to your business for you to be eligible for a disaster loan. You must also have a strong credit history and provide the SBA permission to inspect your personal or business tax records.

Collateral is not needed for a SBA disaster loan of $25,000 or less. The SBA won't reject a catastrophe loan application if the only drawback is a lack of collateral, and it is certain that the borrower will be able to repay the loan. However, the SBA may deny or terminate loans if applicants fail to provide available collateral.

The National Flood Insurance Program (NFIP)

The National Flood Insurance Program (NFIP) is managed by the Federal Emergency Management Agency. The NFIP was established by Congress in 1968 to protect lives and property while also easing the financial burden of floods. It is intended to safeguard citizens in the absence of a federal disaster declaration.

Flood insurance coverage is limited under the NFIP. Damages to single-family houses or multifamily residential structures are limited to $250,000 in total. Other residential and non-residential constructions are restricted to a maximum of $500,000. Under content-only insurance, residences are restricted to $100,000 in damages, but commercial and other structures' contents are limited to $500,000.

Housing and Property Disaster Loans

Individuals who live in a declared disaster zone, including homeowners, renters, and personal property owners, are eligible to apply for an SBA loan to assist them in disaster recovery.

Homeowners with a primary residence can apply for up to $200,000 in repairs or replacements. Unfortunately, the monies cannot be used to repair your house. Nevertheless, you can qualify for a 20 percent loan increase if you make changes that will stop further property damage. Renters are also eligible for a loan of up to $40,000 to replace personal goods destroyed in a disaster.

Survivors are required to repay catastrophe loans. Only candidates who can repay the loan and other responsibilities from their earnings are eligible for SBA loans. The ability of the borrower to repay the loan determines these terms. Furthermore, because they are long-term loans (up to 30 years) and have low fixed interest rates, these are inherently more affordable.

Charities and Other Nonprofit Organizations

When disaster hits, charities and charity groups are quick to respond with food and supplies. Charities stock emergency food supplies in advance to give them the ability to act quickly in times of need. In addition, equipment and supplies are available to food banks in disaster-affected areas.

Charities and NGOs can respond swiftly after a crisis because they have a countrywide network in place to distribute crucial food, water, and supplies to disaster-stricken areas. Even better, they work with communities to aid in long-term rehabilitation after other disaster relief groups have departed.

Furthermore, disaster aid is not limited to people. PetSmart Charities, for example, provides disaster aid for displaced animals, pet owners, and the local businesses that assist them.

The American Red Cross, Habitat for Humanity, and The Salvation Army are examples of notable charities and NGOs.

Start Protecting Your Home Today

You can wait for a crisis to occur before seeking government aid. However, you never know when a natural calamity can strike and inflict extensive water damage to your property.

Because flooding has grown more widespread as a result of global warming, you should obtain flood insurance to protect yourself and your loved ones. If you're prepared and well-informed, you'll place your family and home in the best possible position to escape floods and stay as safe as possible.