FEMA Appraisal in Hallandale Beach

Independent FEMA Appraisals in Hallandale Beach

Hurricanes and flooding are a fact of life here in South Florida. And because of this, we have the availability of a government subsidized flood insurance program. The Federal Emergency Management Agency, otherwise known as FEMA, was created by the government to help manage risks associated with coastal areas prone to flooding that can typically overwhelm local government agencies.

Flood Safety and FEMA Regulations

The National Flood Insurance Program is administered by FEMA and there are certain criteria that must be met in order for a county or municipality to be able to offer this to its residents. One of those important criteria is FEMA’s 50% rule. This rule was put into place to mitigate the government’s exposure should a weather occurrence happen and to ensure that buildings are safer from flooding and damage.

Limitations of Repairs and Renovations on Non-Conforming Properties

FEMA establishes a base flood elevation that structures need to meet when in a designated flood area. These regulations will affect properties located in flood zones A1-30, AE, AH, V1-30, V and VE on the flood insurance rate map. Any property that is located in a flood zone, whether commercial or residential, and is not elevated to the current base flood elevation can be subject to the 50% FEMA rule.

Over the years, flood maps have been redrawn and older structures often do not meet the base elevation guidelines. These are called non-conforming properties. There is no problem with this until an owner decides to renovate or repair the structure. Then, the FEMA 50% rule limits the amount that this owner can renovate or repair without bringing the entire structure up to current flood codes, including elevating the first floor to current existing flood elevation criteria.

Bringing a Property Into Compliance Can Be Costly

If the cost to repair or renovate a non-conforming building equals or exceeds 50% of market value, this building or home must be brought into compliance with current requirements. Typically, the market value of a building will be taken from the property appraiser’s current calculation of the property adding 20% to that figure. But a homeowner or business owner can get a much more detailed figure with an independent 50% FEMA rule appraisal in Hallandale Beach. This way, a property owner can be assured that they are getting a comprehensive assessment of what the structure is worth.

Before You Buy: Buyer Beware

It is also important for someone who is considering a purchase of a non-conforming property to have a substantial improvement appraisal in Hallandale Beach to understand their responsibility should a storm require substantial repairs. A local surveyor can provide a current flood elevation certificate that will show the existing flood designation for the property and the existing first floor elevation. It is up to a buyer to determine if the purchase of a non-conforming home or building may end up being cost-prohibitive in the long run should it be subject to FEMA’s 50% rule.

Understand Your Responsibilities

As the owner of a non-conforming property, it is extremely important to understand national and local regulations in order to protect yourself and your property. Before you embark on any renovations or repairs, it is important to get an actual cash value appraisal in Hallandale Beach conducted by an experienced professional. Contact FEMA Appraisals at Dade Appraisals at 305-595-1312. We can assist you by completing a FEMA appraisal on your Hallandale Beach home. Our team of professionals understands all FEMA regulations as well as local regulations. Let us help.