Water damage is expensive

Even though flooding is the most common natural disaster in the United States, there are no legal requirements for homeowners to have flood insurance; standard insurance doesn’t cover flooding. That said, the Federal Emergency Management Agency (FEMA) calculates that one inch of water in a home can cause $25,000 worth of damage. The federal government does not automatically provide funds for homeowners to rebuild.

After a natural disaster, act fast

Register immediately with FEMA. Representatives sometimes go door to door in affected neighborhoods; usually there will be emergency disaster center or mobile office. If you have flood insurance, file a claim. Make sure to photograph the damage of your home in detail. It is best to have before and after shots.

[Read this article about the thousands of families who are still rebuilding six years after Hurricane Sandy on Long Island's South Shore]

When federal money is available

If FEMA makes a major disaster declaration, and the agency says individual assistance will be available, it could provide money for rental and lodging, for instance, and emergency home repairs. The maximum available is $33,000 per household.

After a presidential disaster declaration, the U.S. Small Business Administration provides low-interest loans for home repair and property damage of up to $240,000, primarily to creditworthy households.