Re: Help - post hurricane - Landlord Forum thread 269959

Re: Help - post hurricane by Nicole (PA) on November 1, 2012 @09:53

good luck. I don't believe FEMA will assist with nonowner occupied properties. Last year, my areas was hit very hard and every landlord I know, myself incuded, paid dearly out of pocket because the insurance companies wouldn't pay and FEMA was for homeowners. FEMA will assign you a case number and then direct you to the SBA for a loan and a "disaster packet" to assist you when filing your income taxes. Your tenants are eligible for compensation.

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Re: Help - post hurricane by Katiekate (New York) on November 1, 2012 @10:14	[ Reply ]

That is exactly true. I had this experience with my condos after 3 (three!) Cat 3 hurricanes went thru the neighborhood in 2005. I paid for all repairs and it was a business expense on my taxes that year. If you did not have Federal Disaster Insurance you are out of luck. FDI can only be used once per property...so, if a previous owner used it, or you used it (Or, maybe you never signed up for it and paid it?) that is also not going to be there for you. Insurance does not pay for floods.