FEMA Appraisal in Pompano Beach

FEMA 50% Rule Appraisals in Pompano Beach

As Florida residents, we understand the vulnerability of hurricane season year after year. And we have a real appreciation for those resources we can turn to in times of emergency. One very important resource that Floridians have come to rely on is FEMA and the National Flood Insurance Program.

FEMA is tasked with understanding and identifying areas that are vulnerable to flood hazards, assessing those risks and then working with states and municipalities to guide them. This mapping of flood hazard zones is maintained and updated periodically using current data and statistical references. In doing this, FEMA is able to understand the risks to structures that may be more vulnerable to flooding.

What is the FEMA 50% Rule?

The FEMA 50% rule is a requirement for those who want to take advantage of affordable flood insurance coverage. Older homes and buildings built before contemporary flood maps were often built at standards that don’t fit the current criteria for lowest finish floor elevations. These homes and structures are called non-conforming.  FEMA’s 50% Rule regulates repairs, renovations or improvements made to these buildings.

If these improvements exceed 50% of the current value of the original building, the owner is responsible to bring that whole structure up to current flood and elevation requirements. This is a basic requirement for these homes to take advantage of affordable flood insurance through NFIP.

Determining Value Under the FEMA Guidelines

Determining market value of the original structure is one of the critical aspects of deciding whether a building will be required to become FEMA compliant in accordance with these regulations.

FEMA most commonly determines value using an adjustment of the county property appraisers assessment. But in order to get a comprehensive valuation to FEMA’s exact guidelines, having a qualified appraiser conduct an actual cash value appraisal in Pompano Beach is a more exact valuation for this purpose. In many cases, having an appraisal done can make or break a home or building requiring these extensive alterations under the 50% requirements.

What An Appraiser Will Do

A qualified appraiser will conduct a FEMA approved appraisal with an onsite visit. The appraiser will consider improvements that are found within the original structure that can often add thousands of dollars to market value in order to create a higher threshold for the 50% rule. The appraisal will then be reviewed by the county or municipality to determine obligation under the regulations.

Qualified FEMA Appraisals in Pompano Beach

At FEMA Appraisals, a division of Dade Appraisals, we have been industry leaders for nearly two decades. Every member of our team is a member of the Appraisal Institute, has many years of experience and has a broad understanding of FEMA guidelines and regulations when it comes to substantial improvement appraisals in Pompano Beach.

If you have questions about the FEMA 50% rule or need information about compliance regulations, call our office at 305-595-1312. We would be glad to answer any of your questions.