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Increased Cost of Compliance The Basics

Increased Cost of Compliance The Basics. (Last updated July 25, 2006). What is eligible for ICC money?. Structures: substantially damaged (greater than 50%) by a flood or considered a repetitive loss and in the 100-year floodplain (the Special Flood Hazard Area)

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Increased Cost of Compliance The Basics

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  1. Increased Cost of Compliance The Basics (Last updated July 25, 2006)

  2. What is eligible for ICC money? Structures: • substantially damaged (greater than 50%) by a flood or considered a repetitive loss • and in the 100-year floodplain (the Special Flood Hazard Area) • and below the current Base Flood Elevation (BFE) or higher local standard • and covered by a standard flood insurance policy

  3. What is not eligible? • Structures already above the current BFE or in the X Zone, unless the community adopts a higher standard such as the ABFE • Structures covered by a Group Flood Insurance Policy, has condominium unit coverage, or has a policy issued or renewed in a parish or community that is part of the Emergency Program

  4. Caution • Small Business Administration loans and Community Development Block Grants require using Advisory Base Flood Elevations

  5. How much money can I get? • Maximum of $30,000 • Based on a proof of loss, a detailed elevation cost estimate/contract, and a substantial damage declaration from the community

  6. ICC relationship to your flood policy • Maximum you can collect for a single-family dwelling is $250,000 including an ICC claim payment • $500,000 for a non-residential structure

  7. What can I use the money for? • Meeting local floodplain ordinance requirements for rebuilding and repairing in ways that reduce future flood damage

  8. What are my options? • Flood proof (non residential structures) • Relocate • Elevate • Demolish

  9. How do I make a claim? • Contact your insurance company/agent/adjuster

  10. Are there deadlines? • Four years from the date of the substantial damage declaration or repetitive loss declaration

  11. I qualify for ICC. But it is not enough to elevate, relocate, demolish or flood proof my home/business. Can I get money from another program to make up the difference? • Hazard Mitigation Grants Program (www.fema.gov/fima/hgmp) • Flood Mitigation Assistance (www.fema.gov/fima/fma) • Your community official must apply on your behalf

  12. For additional information Contact: • The Floodplain Administrator in each parish or community • Your insurance agent • NFIP at 1-800-427-4661 • Visit the FEMA Web site at www.fema.gov/business/nfip

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