Hurricane Milton has killed at least 16 people since it made landfall on Oct. 9 near Siesta Key, Florida, leaving 2 million people without power and destroying uninsured homes across the Sunshine State.

More than 850,000 homes in high-risk flood areas in Florida have no flood insurance, according to Olympus Insurance.

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That lack of coverage only increases outside of high-risk flood areas, where FEMA says a quarter of all National Flood Insurance Program (NFIP) claims originate.

Celebrity real estate broker Ryan Serhant has said that the insurance catastrophe created by this hurricane season will be historic.

“It’s about $34 billion of bad, one of the greatest insurance crises we will see in a long time,” Serhant, who’s best known for starring in Netflix’s Owning Manhattan, said in a recent appearance on Fox Business.

“What’s more frightening to me is that only 2% to 4% of homeowners actually have flood insurance,” he continued, “and if you get it through the [NFIP] it’s $1,000 a year on top of your other costs, so it’s a travesty, it’s a tragedy.”

FEMA data shows the costs for flood protection could be even higher: flood insurance in Florida costs $2,472 annually for high-risk flood zones.

For many American families, it’s simply not practical to carry the cost of flood insurance, regardless of how vulnerable they are to losses. So what can they do instead?

Options for the uninsured

If FEMA declares a disaster in your region, you’re eligible for individual disaster assistance.

There are currently 30 counties in Florida in which FEMA has declared a disaster.

“FEMA grants a maximum of $33,000 a household for repairs,” home repair service Advanta Clean advises.

“You can use the money to rent a place to live if your home is unlivable, repair damage if uninsured, replace belongings and pay other related expenses including funerals and medical help.”

Outside of FEMA, you can get a loan to cover your personal property from the U.S. Small Business Administration (SBA), even if you’re not a business owner.

Homeowners are eligible for up to $500,000 to buy a new home or repair their primary residence, while renters and homeowners can borrow a maximum of $100,000 to replace their personal property.

You can’t get a loan to fix or replace a secondary home or vacation property, but rental properties are eligible under the organization’s business physical disaster loan program.

The first payments on the SBA loans are due one year after they’re granted, no interest accrues in the first year, and the interest rate won’t go above 4%.

There’s a 30-day waiting period from when you buy insurance to when the coverage from the policy begins.

So if you’re already experiencing flooding, it’s too late to buy insurance.

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Applying to FEMA relief with insurance

Some homeowners will need to submit an insurance claim before they can become eligible for FEMA disaster relief.

Some flood insurance policies may not cover the full extent of the damage to your property or personal possessions, in which case you may need to submit claim information to FEMA.

Additionally, submitting a regular home insurance policy that doesn’t cover flooding is enough to make you qualify for disaster assistance, as long as you’re in a disaster zone.

If you’re uninsured, carry your furniture to the highest point in your house and put drain pans under the legs of the furniture you can’t move, advises Advanta Insurance.

That will protect your furniture if you just get a couple inches of water.

A flood mitigation and restoration company can help make repairs when you’re ready to return to your residence.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.