Flood Insurance and Credit for Disaster Victims
Loss due to flooding is not covered under most homeowner insurance policies. Some South Carolinians are fortunate enough to live in a community participating in the National Flood Insurance Program, in which case they are well protected against hurricane property damage. For those hurricane victims not so lucky, there are loans and financial assistance programs available. Check with the local Clemson University Extension Service office for specific information on such loans and assistance programs and how you can contact representatives of these programs.
- The Red Cross grants assistance for immediate building repairs and living expenses when no other immediate assistance is available.
- Merchants and dealers extend credit for feed, equipment, and rehabilitation of buildings and land.
- Farmers Home Administration (FHA) offers agricultural loans only when other credit is not available. Qualifying farmers in disaster areas can get short-, medium-, or long- term loans with moderate interest rates.
- Small Business Administration offers medium- and long-term loans for rehabilitation of non-farm homes and small businesses. Interest rates are moderate.
- Commercial and Federal land banks offer loans with moderately low interest rates for home repairs, improvements, land equipment and livestock.
- Insurance companies offer long-term loans at relatively high interest rates for home repair, improvements, land equipment and livestock.