FEMA Appraisal in Aventura

As residents of South Florida, we understand that our water levels have been rising. Flood insurance has become a necessity here, even for those homes that were not in formerly designated flood areas. Consequently, FEMA has understood a need to periodically update its flood plans to our increasing susceptibilities.

In attempting to prepare our coastlines for increased flooding potential, FEMA has found that there are many buildings that are especially vulnerable and may need to be built up to new flood management regulations. For purposes of flood insurance through NFIP for these buildings and homes in particular, FEMA has enacted what has come to be known as the 50% rule.

Getting a FEMA Appraisal in Aventura May Be Crucial

Any homeowner or building owner in South Florida should understand the FEMA 50% Rule and any responsibility they may have under these regulations. If a home or building lies in FEMA’s designated flood areas, is older and specifically vulnerable, it may be necessary to bring those structures up to compliance with new rules.

The FEMA 50% rule states that a non-conforming structure may have to bring the lowest floor level up to requirements under the latest flood maps. This is when it is important to get an actual cash value appraisal in Aventura to determine the most comprehensive property valuation and best understanding of responsibility under the 50% rule.

How Does the 50% Rule Come Into Play?

For any home or building where the lowest floor is below the designated 100-year flood elevation, any substantial improvement or repair that exceeds 50% of the original value must be brought into full compliance with new prevention regulations in order to be insured. This may mean elevating an entire first floor to be brought into compliance. A substantial improvement appraisal in Aventura will help determine that 50% threshold.

Simply speaking, these buildings or homes will be treated as new construction when making any improvements that exceed the 50% rule in order to be insured by NFIP. This will include

• Renovations and remodeling
• Repairs
• Building additions
• Partial reconstruction

Needless to say, making these kind sweeping structural changes is not only expensive but may be financially impossible for some owners.

How Does FEMA Determine Appraised Value?

FEMA uses the information that the county provides to determine the market value of a building or home. But these figures are less than comprehensive, especially considering that FEMA allows certain valuations to be adjusted when determining actual cash value. This is when it is important to get a qualified 50% FEMA rule appraisal in Aventura for the most comprehensive determination of your responsibilities under the new regulations.

Getting the Most Comprehensive Valuation

Getting the best information about the correct valuation of your structure is important in these cases. At FEMA Appraisals at Dade Appraisals at 305-595-1312, our qualified professionals will conduct an actual cash value appraisal of your Aventura property so you can have peace of mind.  Our team of experts is experienced in all FEMA regulations and will offer you the best market valuation possible.