Hurricane Sally Help?!?

[Jason Garrett]

I had two quads in downtown Pensacola. I had just rehabbed and rented all four of my downstairs units and was working on the upstairs units. Hurricane Sally destroyed them. I was not in a flood zone, so had no flood insurance, only hurricane insurance. The storm sewers could not keep up and six feet of water rose up around them. They are essentially uninhabitable due to a flood. Does anyone have any thoughts or recommendations? Does FEMA help with this or is it just SBA loans? If anyone has been down this road, I would appreciate hearing from you. Thanks, Jason

[Colleen F.]

So sorry for what you experienced, investment properties are regarded differently by FEMA and while you can get legal help and also aid will be provided to your tenants you won't get disaster relief in any meaningful way for your property. Hopefully you have something that leases are canceled in such a case and you require renters insurance. You can apply for SBA loans. Now if you lived there it is different I know that as owner occupants in a two family we did get assistance a number of years ago but also had flood insurance. Had my brother not lived in the property they told us we would not have received that assistance. It could have changed but I doubt it.