Fixing a Flooded Home - Foundation Finance Company

Fixing a Flooded Home

Hurricane Harvey has wreaked havoc on the state of Texas and now thousands of homeowners are looking for the next step in recovering from the damage. Many are wondering what restoration companies can actually do for the thousands of flooded homes. Here are a few surprising facts about fixing a flooded home:

  • A flooded home can be fixed.

    A flooded home can be saved but removing moisture quickly is the key to success. By the time you get to the three to five-day mark, the materials have become fragile.

  • You’d be surprised at what can be saved.

    Using large vacuums mounted to trucks and dehumidifiers, moisture can be extracted from furniture, hardwood, tile and even Sheetrock. Even some electronics like TVs or laptops may work after a good drying. Carpet bounces back the easiest after being wet once it is properly dried.

  • Mold is the real problem.

    The longer a property sits with water, the worse the mold infestation will be. Any areas affected have to be removed. Wood and concrete can be treated with anti-mold agents but must be done once the house is sealed to prevent infestation and illness.

  • Repairing a flooded home will cost you.

    Costs will expand quickly due to the severity of the damage Harvey produced. Drying off a 2,000 square-foot home could cost over $2,500.

  • Homeowner insurance doesn’t cover all floods.

    Federal flood insurance isn’t something that most homeowners take advantage of despite its low expense. The flood insurance that people do have may not cover all aspects of a flood – for example rain water vs. rising water.

The recovery process will be a long one but hopefully some homeowners will be able to salvage their homes through restoration. If you or your business is in the position to donate, consider making a monetary donation to help Houston and the surrounding areas recover.

If you have clients trying to recover from a flood, consider offering them financing to ease the financial burden of the project and overall recovery.

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Note: Use of the terms "Loan," "Lender" and "Borrower" is for ease of reference only. Financings are in the form of retail installment contracts ("RIC").

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