Frequently Asked Questions
Below you'll find commonly asked terms and their meanings you might encounter when dealing with 50% FEMA Rule appraisals and FEMA appraisals in general.
Actual Cash Value (ACV)
The cost to replace a building on the same parcel with a new building of like-kind and quality, minus depreciation due to age, use, and neglect.
Base Flood Elevation (BFE)
The elevation of surface water resulting from a flood that has a 1% chance of equaling or exceeding that level in any given year. The BFE is shown on the Flood Insurance Rate Map (FIRM) for zones AE, AH, A1-A30, AR, AR/A, AR/AE, AR/A1-A30, AR/AH, AR/AO, V1-V30 and VE.
Community Rating System (CRS)
A program developed by FEMA to provide incentives for those communities n the Regular Program that have gone beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding.
Elevation Certificate
A community's permit file must have an official record that shows new buildings and substantial improvements in all identified Special Flood Hazard Areas (SFHAs) are properly elevated. This elevation information is needed to show compliance with the floodplain management ordinance. FEMA encourages communities to use the Elevation Certificate developed by FEMA to fulfill this requirement since it also can be used by the property owner to obtain flood insurance. Communities participating in the Community Rating System (CRS) are required to use the FEMA Elevation Certificate.
Flood Insurance Rate Map (FIRM)
Official map of a community on which FEMA has delineated the Special Flood Hazard Areas (SFHAs), the Base Flood Elevations (BFEs) and the risk premium zones applicable to the community.
Floodplain
Any land area susceptible to being inundated by floodwaters from any source.
Floodplain Management
The operation of an overall program of corrective and preventive measures for reducing flood damage, including but not limited to, emergency preparedness plans, flood-control works and floodplain management regulations.
National Flood Insurance Program (NFIP)
The program of flood insurance coverage and floodplain management administered under the Act and applicable federal regulations promulgated in Title 44 of the Code of Federal Regulations, Subchapter B.
Replacement Cost Value (RCV)
The cost to replace property with the same kind of material and construction without consideration of depreciation.
Special Flood Hazard Area (SFHA)
The area that will be inundated by the flood event having a 1-percent chance of being equaled or exceeded in any given year. The 1-percent annual chance flood is also referred to as the base flood or 100-year flood.
Our Reviews
I want to thank the folks at Dade Appraisals. The City of Miami Beach required an Actual Cash Value appraisal of our home for some renovations we were doing. These folks came through. The FEMA 50% Rule is complicated but they overcame! Recommend!!
Steven D. Client
Our experience with Deiky was amazing. His expertise was vital to resolving an issue with the complicated FEMA 50% rule for the city of Miami Beach. Even after his job was completed he continued to follow up with us. He is a pleasure to work with.
Yehuda D. Client
Appraisal Institute Designations
Experienced FEMA appraisers in the valuation and evaluation of commercial, industrial, residential and other types of properties, and who advise clients on real estate investment decisions.
FEMA appraisers who are experienced in the analysis and valuation of residential real property.
Experienced appraisers who provide reviews of appraisals of a wide range of property types, including commercial, industrial, agricultural, residential, vacant land, and others.
Appraisers who use their knowledge and experience to provide reviews and address the unique issues pertaining to residential appraisals.