FEMA Appraisal in Miami Gardens

Under FEMA’s 50% Rule, non-conforming homes that require improvements, repairs, renovations or any other substantial alterations must meet FEMA’s criteria. Any substantial improvement made to a structure that exceeds 50% of its cash value must comply with new standards for floodplain management. In most cases, this is not a problem. But for many older homes, a FEMA 50% Rule Appraisal in Miami Gardens may be warranted.

FEMA Has Updated Flood-Prone Area Maps for Purposes of NFIP Insurance

With flood maps being continually updated, FEMA updates areas that are at risk of flooding.

Many structures built prior to 1975 are now considered non-conforming and do not meet new updated flood maps. If any repairs or renovations are done to these structures, it will become necessary for the building owner or homeowner to bring it up to current floodplain compliance which may, in some cases, involve bringing up the elevation of the first floor entirely.

How This Affects You

If your non-conforming property lies within a flood zone under the current floodplain drawings, you are bound by FEMA regulations if you plan to make any substantial repairs or renovations to the structure. This will be true if the renovation is for purposes of damage due to hurricanes or windstorms or even if it is a purely elective one.

Homeowners who don’t understand the FEMA 50% Rule may be shocked to learn that bringing their home up to current compliance may even mean that they are required to elevate the first floor of their home at substantial cost.  Yet, throughout South Florida, these FEMA regulations will affect thousands of home and business owners who currently own non-conforming properties in flood-prone areas. For these structures, it is crucial to have a Miami Gardens actual cash value appraisal conducted to understand your responsibilities under the regulations.

How FEMA Determines Current Market Value

FEMA currently makes its determination by considering the current market value determined by the county appraiser. One way to fine-tune this valuation is to have a Miami Gardens substantial improvement appraisal done to determine the market value of the property under exact FEMA guidelines. A qualified FEMA appraiser can add and subtract various aspects of the home to determine a more comprehensive valuation of the structure which can make or break the 50% Rule as it applies to a property.

Getting the Advice of a Qualified Appraiser

Bottom line: Before a homeowner or building owner makes any substantial improvements or repairs to a non-conforming property, it’s advisable to have a FEMA appraisal done in Miami Gardens by a FEMA-approved appraiser. A professional appraiser can make various additions and subtractions to valuations under strict FEMA guidelines. Sometimes, these can adjust the threshold enough to make a difference in whether a structure must adhere to the 50% rule.

At FEMA Appraisals, a part of Dade Appraisals, we are a Florida Certified firm of licensed appraisers. Each member of our team is experienced in FEMA appraisals and fully understands all guidelines. We help owners of flood-prone and non-conforming properties establish a correct cash value for their homes and understand their responsibilities under FEMA 50% Rule guidelines.

Contact our qualified team of FEMA appraisers at Dade Appraisals, 305-595-1312 to get your questions answered about regulations under the 50% Rule.