TDCI Reminds Homeowners, Businesses, and Private Nonprofits to Apply for Financial Relief Before July 11, 2022, Deadline
NASHVILLE – The Tennessee Department of Commerce & Insurance (TDCI) reminds Tennesseans that July 11, 2022, is the application deadline for Disaster Loan Assistance from the Small Business Administration (SBA). These loans are for those who experienced loss due to the wind, severe storms, and tornadoes that occurred throughout West Tennessee on March 30-31, 2022.
SBA loans were created to help homeowners, renters, and businesses recover from disasters and catastrophes. Disaster loans are available with interest rates as low as 2.94% for businesses, 1.875% for nonprofit organizations, and 1.438% for homeowners and renters, with terms up to 30 years.
To be considered for this assistance, eligible entities need to apply by the July 11th deadline. To apply, visit the SBA’s secure website and apply under SBA declaration #17449.
“I urge all homeowners, renters, and businesses that suffered losses from the March storms to seek federal relief through the SBA Disaster Loan Assistance programs,” said TDCI Assistant Commissioner for Insurance Bill Huddleston. “Our communities rely on businesses for everything from grocery stores, auto repair, gyms, restaurants, and more. It’s important Tennesseans know these federal resources are available to assist when disaster strikes.”
Eligibility: Disaster Assistance eligibility includes Carroll, Chester, Crockett, Gibson, Hardeman, Haywood, Henderson, and Madison counties.
Additionally, TDCI reminds consumers that volatile and potentially dangerous weather can occur any time throughout the year in Tennessee. To prepare, TDCI urges individuals to evaluate their insurance policies to ensure adequate coverage, should any property or belongings need to be rebuilt or repaired in the wake of a devastating storm.
Consumers should remember:
- Review your policy annually with your licensed Tennessee insurance agent to ensure your coverage adequately meets your needs. Your coverage should equal the full replacement cost of your home.
- Evaluate more than just the premium price. Make sure the deductible is attainable in case you need to file a claim.
- Remember that replacement cost and market value are not the same. The market value, which includes the price of your land, depends on the real estate market.
- Make an inventory of items in your home in case you ever need to make an insurance claim following a disaster. Take photos or video of your belongings and keep it in a safe place such as online to provide to a claims adjuster in the event of a disaster. You can use tools like the National Association of Insurance Commissioners’ (“NAIC”) Home Inventory App.
- Aside from homeowners insurance, TDCI reminds consumers of the importance of flood insurance. While flood insurance cannot stop a flood, it can save homeowners from a financial catastrophe. To learn more about flood insurance, visit floodsmart.gov.