![]() ![]() Disaster aid can take many months, and isn’t offered after every flood. Relying on federal disaster aid after a flood isn’t a good financial plan. But having a flood insurance policy can provide immediate financial assistance so that you don’t have to wipe out your savings or take out a loan in order to rebuild. The price of flood insurance can turn off many homeowners who aren’t required to have it. For example, if you own a home or business and have a government-backed mortgage, you’ll be required to have flood insurance if you live in a high-risk flood area. In some cases, you may be required to have flood insurance. Homeowners insurance for water damage is generally limited to problems like burst pipes-not an inundation of water on the ground.
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