FEMA Appraisal in Miami Shores

Miami Shores FEMA 50% Rule Appraisals

If you own property in Miami Shores in a designated flood zone, you know the importance of having flood insurance in the event of flooding during weather occurrences. But you may not be familiar with the FEMA 50% rule.

In fact, the first time you may hear about the 50% rule is often after a damaging event. This does not have to be a flood. FEMA regulates any repairs to a structure in a flood zone whether the damage is due to wind, flood, fire, termites or any other repairs that require permitting. Under the FEMA rule, the local building code official determines how they will enforce it under the International Building Code.

Repairs to Properties Can Become Cost Prohibitive

If you find yourself making substantial repairs after a weather or any other damaging event, you need to understand FEMA’s 50% rule and how it may impact your project. In essence, FEMA limits how much you can improve your home or commercial building when you are located in a flood zone. What the limitations are are fairly simple. If the renovations or repairs exceed 50% of the market value of the structure, then the structure itself must comply with current 100-year floodplain guidelines. This can become cost-prohibitive if that requires you to bring up the entire elevation of your structure.

Arm Yourself With Information

This is why it is imperative to arm yourself with information and get a professional FEMA appraisal in Miami Shores before embarking on any repair or renovation projects. Having a certified FEMA appraiser conduct an appraisal gives you a good starting point before either renovating or even purchasing a home or building in a designated flood zone.

A Full Analysis

Having an independent Miami Shores 50% FEMA rule appraisal conducted provides FEMA and local building managers a fully updated cost replacement analysis. More importantly, it allows you to consider the condition of the structure and how to get value from any repairs or renovations you may decide to undertake.

FEMA compliance is necessary on any substantial improvement you are making to a structure within a flood zone in the way of

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

The definition of “substantial” is determined by FEMA’s 50% Rule: any construction, renovation or repair that equals or exceeds 50 percent of the market value of the structure before construction is considered substantial and must adhere to current 100- year floodplain guidelines. In essence, you must bring this structure up to existing codes, regardless of the age of the structure.

Order an Actual Cash Value Appraisal in Miami Shores

If you are faced with a renovation project or repair after a weather event, you want to ensure that you have all your information before you begin. You should first contact a licensed contractor to offer an estimate for the cost of the project. You should then order a Miami Shores actual cash value appraisal of the property to establish its depreciated value. This will help you determine whether you exceed the 50% guidelines and allow you to make your decisions accordingly.

A substantial improvement appraisal in Miami Shores will look at the depreciated market value of the property. It will then consider those improvements that are planned. Not all improvements are considered in a FEMA appraisal, so it is very important to only hire an appraiser with FEMA experience.

Call Us

If you need a FEMA appraisal in Miami Shores, contact FEMA Appraisals at Dade Appraisals at 305-595-1312. We conduct FEMA appraisals on both residential and commercial properties. We will help you understand what your responsibilities are under the FEMA 50% rule guidelines with a thorough analysis and valuation of your property.