Floods can disrupt life in an instant, leaving unexpected expenses in their wake. From replacing damaged appliances to covering insurance deductibles or everyday essentials, the costs can quickly add up.
Expenses to Consider Following a Flood
After a flood, there are a variety of expenses, big and small, that recovery and restoration efforts can bring:
Transportation & Daily Needs
- Fuel or public transportation costs if your usual vehicle is damaged.
- Replacing clothing, shoes, or personal items damaged by flooding.
- Replacing essential electronics like laptops, phones, or small appliances.
- Temporary Living Expenses, including hotel stays or short-term rentals if your home is uninhabitable.
- Meals or groceries if your kitchen is not usable.
- Utilities, phone bills, or other services if disrupted.
Household Essentials and Repairs
- Replacing damaged appliances: refrigerators, washers, dryers, stoves.
- Replacing furniture: sofas, beds, tables, chairs.
- Cleaning and sanitizing supplies to remove water damage and prevent mold.
Insurance-Related Costs
- Paying deductibles for homeowners, renters, or flood insurance claims.
- Covering any gaps that insurance doesn’t fully pay.
Miscellaneous Recovery Costs
- Childcare, pet care, or medical needs that arise due to the disruption.
- Preventative measures for future floods, like sandbags, sump pumps, or waterproof storage.
Prime Financial Credit Union Can Help
We understand that unexpected expenses can put a strain on your budget. To help ease the financial burden of recovery costs, Prime Financial Credit Union is offering a variety of financing solutions to assist members impacted by flooding:
Signature Loan
A Signature Loan provides a lump sum of money with fixed payments and no collateral required.
Loan Amount: Typically $1,000 to $20,000
Repayment: Equally monthly payments for up to four (4) years
Best for:
- Replacing damaged appliances or furniture
- Covering temporary housing or cleanup services
- Smaller, immediate expenses not fully covered by insurance
FastCash
With NO CREDIT CHECK, members that have been with the Credit Union for over 90 days can borrow up to $2,500 instantly.
Loan Amount: Up to $2,500
Repayment: Equally monthly payments for up to 30 months.
Best for:
- Small to medium, one-off expenses
- Those with limited or poor credit history
HELOC
A HELOC allows you to borrow against the equity in your home, giving you a revolving line of credit to draw from as needed.
Loan Amount: Depends on home equity, typically larger amounts than Signature Loans or Credit Cards
Repayment: Interest only payments during 5 - 10 year draw period, principal + interest during 10 - 20 year repayment period
Best for:
- Major structural repairs (foundation, electrical, plumbing)
- Rebuilding or remodeling after serious damage
- Long-term projects where costs come in stages
This information is provided for educational purposes only and should not be considered legal advice. Product details, including rates and terms, are for illustration purposes only. Terms, conditions, and features referenced in this article reflect what was generally available to consumers in the market at the time of publication and are subject to change. Actual products and services offered by Prime Financial Credit Union may vary from those in this article. Terms and conditions apply to products, services, and promotions offered by Prime Financial Credit Union; speak to a representative for details. All applications are subject to review and approval.
Prime Financial Credit Union does not endorse or make any guarantee relating to the products, services, or content provided by third-parties directly in this article nor by clicking links in this article that lead to websites not managed by Prime Financial Credit Union.
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