![]() This occurs when the cost of restoring the structure to the condition before the damage would equal or exceed 50 percent of the market value of the structure before the damage occurred. The National Flood Insurance Program and Monroe County regulations require improvements to structures within a Special Flood Hazard Area must meet current construction standards including elevating the building to or above the 100-year flood elevation if the improvement is 50% or more of the market value of the property. Substantial Improvement, Substantial Damage, and the “50 Percent Rule”
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |