The new law encourages Program financial stability by eliminating some artificially low rates and discounts. Most flood insurance rates will now move to reflect full risk, and flood insurance rates will rise on some policies.
Increased Cost of Compliance, or ICC, coverage is part of most Standard Flood Insurance Policies. Claims for ICC benefits are filed separately from your claim for contents or building loss. If eligible, you can collect up to $30,000 to help cover the cost of bringing your home or business into compliance with floodplain ordinances. If your building has been repeatedly or severely damaged by flooding, your local floodplain ordinances may require you to make changes to the property. You can use ICC benefits to help pay for these required improvements. Are You Eligible
Substantial Damage" means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred. “Substantial Improvement” means any reconstruction, rehabilitation, addition or other improvement to a structure, the total cost of which equals or exceeds 50 percent of the market value of the structure before the start of construction of the improvement.
This guide will help you become better prepared by learning about: ( 1 ) different kinds of emergencies ( 2 ) how to create emergency plans and kits for your home, your car and your workplace (3 ) how to plan ahead if you have special needs
Planning must account for both man-made and natural disasters. You should plan in advance to manage any emergency. Be prepared to assess the situation, use common sense and available resources to take care of yourself, your co-workers and your business’s recovery. This document will help guide your company through the process.
While each person’s abilities and needs are unique, every individual can take steps to prepare for all kinds of emergencies from fires and floods to potential terrorist attacks. By evaluating your own personal needs and making an emergency plan that fits those needs, you and your loved ones can be better prepared.
Emergencies can happen at any time. Does your family know how to get in touch with each other if you are not all together? Before an emergency happens, have a family discussion to determine who would be your out-of-state point of contact, and where you would meet away from your home — both in the neighborhood and within your town.
This document will help you understand your flood insurance policy. It provides general information about deductibles, what is and is not covered by flood insurance, and how items are valued at time of loss.