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Epic flooding in the Midwest has dominated national headlines of late, with news of the severe losses the region suffered. To add insult to injury, many of the affected carried no flood insurance and will be unable to recoup the costs of their houses and possessions.
If this news has made you contemplate your own home and looming disasters -- be they floods, hurricanes, earthquakes or manmade crises such as power outages -- this is what you should know about protecting your property in the event of a disaster.
Federal help is available
Federal agencies offer low-rate loans to help prepare, while traditional lenders stand ready with regular home improvement loans. Experts offer advice about which financial documents people should have ready, too, while insurers peddle all sorts of policies to help them rebuild. All consumers have to do is commit some time and energy getting ready.
Start with insurance
Insurance is probably the first place to start. Some residents only need generic homeowners policies to guard against hurricanes while others in high-risk areas require additional windstorm coverage. Specialized protection against earthquakes and flooding is available to people threatened by those forces of nature, too.
But fortifying a home against damage can prevent the need to file a claim at all. Today, there are many cost-effective ways to do so. Government-backed loans from the Department of Housing and Urban Development can be used to buy storm shutters, garage-door bracing and other items, for example. Regular financing options, such as home equity loans and lines of credit, are available, too.
Have paperwork ready to grab
Still, it's the littlest things that cause the biggest hassles sometimes. Not having the right paperwork ready before a storm nears can be disastrous. People who run businesses have to make sure they're protected as well, especially if they need the income to make the mortgage payment.
But even homeowners who have trouble with that after a disaster don't necessarily have to be financially ruined. State and federal agencies offer many programs to help people get back on their feet and lenders are ready to assist, too. It's just a matter of being prepared for the worst and knowing what to do if it comes.
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