After many disasters in the U.S. there’s mention of FEMA offering low interest loans, I’ve read the maximum loan is $200K for homeowners. As an example if in fact if true, 2,000 homes were burned down in Hawaii, many of the homes lost had values in excess of $1M, do homeowners need to locate an additional loan of $800K?
In: 0
The FEMA disaster loans are meant to cover any gaps left by insurance. Homeowners almost universally carry insurance for something like the value of the house (many are required to by their mortgage lender!) but that might not cover removing debris or replacing furniture.
Latest Answers