Homeowners Flooded With Unexpected Expenses

Recent rains raise the question: What if I had a credit line in place?

As many homeowners are discovering – and will continue to discover in the coming days and weeks – the damage caused by the torrential rains of April 15 and 16 is not covered under many insurance policies.

Unless a homeowner – perhaps one of your clients who is trying to sell a home – has full flood insurance, any cleanup and/or restoration work that he or she has to undertake will have to come out of the homeowners' pocket. Many flood/water exclusive policies are written specifically to free insurance companies from any kind of liability related to water damage caused by heavy rain.

Thus with many people facing huge and unexpected out-of-pocket expenses – ones that could possibly hold up the sale of a house – it is arguably time for some to revisit the idea of securing a home equity loan to pay for damage.

Many people have substantial equity and investment in their homes. The best way to protect that investment against emergencies of any kind is to have emergency money on hand. With a credit line in place, there is no such thing as an emergency that can't be met.