Why the FEMA 50 Percent Rule matters
Many homeowners living in a special flood hazard area are unaware of a set of federal agency rules that prohibit them from making repairs or improvements to their damaged home until they first bring it into compliance with National Flood Insurance Program (NFIP) regulations.
These program regulations include a set of federal requirements, commonly referred to as “The FEMA 50 Percent Rule.” The regulations require property owners of buildings located in a special flood hazard area to bring them into compliance with all storm water management regulations when the costs for repair or improvement equals or exceeds 50 percent of the fair market value of the building.
These costs are calculated prior to conducting the improvements. They can be significant and include the cumulative costs of all building repairs and associated improvements dating back to the July 2010 flood disaster, regardless of whether the building is covered by flood insurance.
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