Hurricane funding shortfalls
On October 2, days after the Hurricane Helene disaster declaration, Homeland Security Secretary Alejandro Mayorkas announced that FEMA had exhausted its funds to handle hurricanes.
“FEMA does not have the funds to make it through the season,” Secretary Mayorkas told reporters aboard Air Force One.
The hurricane season, which typically lasts until November 30, was predicted to be above-average in activity, according to the National Oceanic and Atmospheric Administration. FEMA was already short on hurricane response funds when Hurricane Milton hit.
On October 11, President Biden said that Congress needed to pass increased funding for FEMA, but it was not scheduled to sit again until November 12. Neither Mayorkas nor Biden specified the exact funding amount FEMA required.
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Explore better ratesThe financial toll
As of October 31, FEMA has spent a total of $1 billion helping Florida recover from Hurricanes Helene, Milton, and Debby. Insurance firms have estimated hurricane damage costs between $20 and $200 billion.
Hurricane Helene was largely a water damage event, and because most Americans don’t have flood insurance, that means damage from the storm will largely go uninsured.
Hurricane Milton was largely a wind damage event, however, meaning insurers will indemnify more of the devastation.
Homeowners insurance and flood damage
Standard homeowners insurance typically doesn’t cover flood damage resulting from bad weather. While it will pay for issues like burst pipes, it won't pay out anything for flood damage caused by storms like Hurricane Helene.
Homeowners in flood zones can buy separate flood insurance, often required by mortgage lenders. Most of these policies come from FEMA’s National Flood Insurance Program (NFIP) and cover the building, foundation, electrical system, HVAC, flooring, appliances and debris removal.
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Explore better ratesOptions for insured homeowners
If FEMA declares a disaster in your region, you may be eligible for individual disaster assistance. Currently, FEMA has declared 30 counties in Florida as disasters areas.
FEMA grants a maximum of $43,600 home replacement and repairs to Hurricane Milton victims, according to disaster recovery charity SPB USA.
Additionally, the U.S. Small Business Administration (SBA) offers loans for personal property losses, even for non-business owners.
Floridians selling damaged homes ‘as is’
Following the back-to-back impacts of hurricanes Helene and Milton, many Florida homeowners are selling their flood-damaged properties under terms like "as is," "cash only" and “for investors.”
The Tampa Bay market has seen a surge in such listings from homeowners desperate to get rid of houses that have become financial liabilities.
One homeowner, Linville, decided to “cut her losses.” After purchasing her home in 2021 for $575,000, it has flooded three times in two years and it has been stripped down to the studs again.The home is now listed for $425,000, reflecting the estimated cost of remaining flood repairs.
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