FEMA Appraisals in Florida Keys

If you live in the Florida Keys, the name Irma probably hits an emotional chord with you. As our last category 4 hurricane to hit, it wreaked havoc on us. With wind gusts of 160 miles per hour, Irma resulted in 84 deaths in the state of Florida, 17 of which were in the Keys.

New Flood Maps

During the past year, FEMA has redrawn flood maps. On August 22, 2019, FEMA released its draft flood maps after a multi-year study of flood risks to Monroe County. These new flood maps include all the Florida Keys including

• Key West
• Marathon
• Islamorada
• Key Largo
• Tavernier

Although these new maps are currently only in the draft phase, Monroe Country has suggested to homeowners that these new maps may result in a change of flood risk for their properties.

New Threats to Property Owners in the Keys

Although residents of the Florida Keys have long dealt with flooding and hurricanes, there may be newer implications for them if they wish to renovate or make repairs to a property that they already own as well as one they might purchase.

Today in South Florida, local governments work with FEMA’s 50% Rule. The original purpose was to make any new rebuilding or refurbishment consistent with updated building codes in order to make them safer and more flood-resistant. But what that has done is saddle many property owners with new regulations and costs when making repairs or renovations in order to comply with FEMA regulations. This is determined with a Florida Keys FEMA appraisal.

What is the FEMA 50% Rule?

The 50% Rule states that if improvements are equal or over 50% of the cash value of the building, it will require the owner to adhere to current flood regulations, including bringing the first floor to above the current Base Flood Elevation in order to comply. This can mean substantial cost and, in some cases, a total re-engineering of the first floor of the structure. Not only is this the case with voluntary projects but also in the case where there has been a catastrophic necessity due to weather or fire and will affect

• Any renovation
• Rehabilitation of the building
• Building additions
• Repair work
• Any partial reconstruction

As a property owner, it is imperative to go through the appropriate steps before embarking on any substantial repair or renovation project in the Keys to determine whether your project falls within the 50% Rule.

• A property owner should first contact a licensed contractor to provide an estimate of the work to be done.
• A Florida Keys actual cash value appraisal should then be ordered to establish the depreciated value of the property.
• The estimate should be considered against the appraisal to determine the level of compliance needed.
• The final determination will be made by the local building department and permitting agency.

Not All Appraisers Are FEMA-Guideline Knowledgeable

Not every appraiser is capable of providing a 50% FEMA rule appraisal in the Florida Keys. A licensed FEMA appraiser will conduct a full evaluation of the properties and make any adjustments allowed under FEMA guidelines. These adjustments can mean thousands of dollars of reduced market value to work with when making the 50% calculations.

Experienced FEMA Appraisers

At FEMA Appraisals, we understand all FEMA regulations and guidelines in order to work within the 50% Rule. We have helped homeowners understand their exposure under the 50% Rule before costly construction takes place.

If you require a 50% FEMA Rule appraisal in the Florida Keys, call the FEMA Appraisal division at Dade Appraisals at 305-595-1312. We have the experience and knowledge to assist you in the assessment of your responsibilities under FEMA regulations.