In the aftermath of Hurricane Irma, it’s likely that your Florida investment property (or properties) sustained at least some amount of damage. So, if your tenants will need to be misplaced – or even inconvenienced for a while – how do you go about getting your property back into shape as quickly as possible?
First, while your primary residence may be eligible for at least some amount of coverage under FEMA’s disaster assistance program, property that is owned as an investment – or even as a second or vacation home – does not fall under this proverbial coverage “umbrella”.
It is likely that you have a home owner’s policy to cover your real estate investments. But unfortunately, even though most homes in the U.S. are covered for wind damage under their regular home owner’s insurance or landlord insurance policy, the insurance policies that are issued in areas more prone to hurricanes, such as Florida, will oftentimes exclude this type of protection.
So, depending on the type and the amount of damage that your properties have sustained, you may need to look to other avenues. One possible option is to obtain the needed funds via the Small Business Administration (SBA).
Any business or organization that is located in a declared disaster area, and that incurred damage during the disaster, may apply for a loan in order to help with restoring or replacing damaged property.
As a business owner, you could be eligible for a low-interest SBA disaster relief loan. These funds can be used for repairing and / or replacing a number of items that are pertinent to real estate investors, such as:
- Real estate
- Personal property
- Equipment / machinery
- Inventory
- Business assets
For more information Small Business Administration disaster loans – or to apply for a low-interest SBA loan directly online – go to https://disasterloan.sba.gov/ela/. For information on how we can help you manage your investment property, call us today.