Financing

The main difference between unsecured and secured loans is that you are required to guarantee the latter by a mortgage on the property that will be improved.  However, this increased security or guarantee given to the creditor also means that they will give you larger funds if needed than you could get with an unsecured loan, and the applying interest rates are also lower.  Some advice: be careful to be able to meet the repayment deadlines, otherwise your home may be repossessed!   

An unsecured personal loan is a loan based solely on your credit rating.  These loans do not require collateral, home ownership or excellent credit.  It is also called a signature loan and is provided entirely on a signed activation letter.  These loans can be used for a variety of reasons including buying a car, debt consolidation or, in this case, home improvements. 

Flood insurance is the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding.