Does flood insurance pay for your housing while you wait to buy another house, or how does that work? How long does it take for people to get their money? I guess they get enough to pay off the mortgage, but what about having a house to sell? How can they get another house?
Insurance if they have the right one will pay for content, cleaning or rebuilding the house and any repairs. It possibly allows you to build a new house at the cost of today’s prices. But a lot of flood insurance doesn’t pay for the right stuff because they don’t tell people. The basic insurance only pays for structural damage. For some reason insurance agencies don’t tell people this. No it maybe different once a federal disaster area is declared the FEMA may pay for more.
First published July 3, 2007