Everyone hears so much about FEMA coming to the aid of people who have lost their homes and belongings during a disaster, that they may be under the impression that they do not need homeowners’ insurance because FEMA will be there. Think again.
In the event of a natural disaster, it is important to understand that FEMA benefits are based around helping the insured, and survivors with homeowners’ insurance are the ones who may be eligible for FEMA assistance. Insured homeowners and renters whose home or personal property sustain damage from a natural disaster, should first file a claim with their insurance company, and then register with FEMA.
Insured survivors may be eligible for assistance with losses and needs not covered, or those in excess of their policy coverage. The programs offered by FEMA are intended to meet individual basic needs, and to help people get back on their feet. FEMA is not a substitute for personal property and insurance coverage, and cannot pay for all losses caused by a disaster.
Another important reminder to mobile home owners. When insuring your home, be sure to insure it for replacement value and what it will cost to replace the home. In addition, you will be responsible for cleaning debris off of your site and those costs could be significant. Do not risk not having adequate homeowners insurance coverage.