Federal Disaster Assistance is not a good alternative to flood insurance.
Even when an event is large enough to receive the presidential approval required to release FEMA funding, Federal disaster assistance is not a good alternative to flood insurance. Assistance with uninsured flood damage is only offered in the form of a loan; a loan you must repay - with interest. The Federal disaster assistance you aren’t required to pay back is only for your immediate needs for food, clothing and shelter, and the average amount provided for that is only about $5,000.
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