I was a responder to Katrina/Rita, saw this happening. Gov’t offered SBA loans to individuals who had lost all equity in the flood. Corporate individuals went to the front of the line...more likely not to default on these predatory loans. The poor got way poorer.
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Their choice not to purchase a risk you take
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I know someone that didn’t have flood insurance and FEMA paid for everything. One time only, as I understand it.
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That's their choice. They have no right to complain about having to take out loans. For every choice there is a consequence.
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Sad but the fact is I have had flood insurance for more years than I can remember even though I have never owned a house that was considered in a "flood zone". People trying to save just a few bucks especially since it is so heavily subsidized by the government is short sighted
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Flood insurance is very cheap
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