The chairman of the LRA’s housing task force, Walter Leger, is worried the Road Home program, “which is intended to help homeowners cover uninsured property damage, will become a $7.5 billion subsidy to the insurance industry.” If the insurance industry knows homeowners can get help with their uninsured losses through Road Home they will be less willing to pay out just as “homeowners may give up pursuing insurance claims if they know they can get grant money.”
Homeowners who apply for grant money are eligible for up to $150,000 to be put towards “decimated property or cover gaps between the homeowner's insurance proceeds and repair bills.” An estimated 123,000 homes and 82,000 rental properties may be eligible for grants.
Have you faced this dilemma as a homeowner affected by Hurricane Katrina and Rita?
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