Preliminary reports indicate that many New Orleans homeowners don't have financial protection in case of flooding, which isn't covered by most home insurance providers. If insurance can't pick up the slack, do you still have to pay a mortgage on a house that no longer exists? And if so, how?
Most mortgages must be paid back in full—whether you pay out of pocket or an insurance agency covers you. Bankrupt individuals, however, are exempt from payment.
More commonly, aid is sought from the Federal Emergency Management Administration. The first step to receiving FEMA assistance is to register your personal information with the agency via telephone or this Web site. Applicants must provide their Social Security number, insurance status, and family income, and FEMA asks that individuals provide as much contact information as possible, such as mailing address and phone number.
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