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NFIP Substantial Damage

NFIP Substantial Damage. Substantial Damage. Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure , even if not fully restored.

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NFIP Substantial Damage

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  1. NFIP Substantial Damage

  2. Substantial Damage • Substantial Damage: Restoration cost equals or exceeds 50% of pre-damage market value of structure, even if not fully restored. • Substantial Improvement: Improvement cost equals or exceeds 50% of market value of structure prior to the improvement. • A Substantially Damaged or Substantially Improved building must meet new construction requirements of the National Flood Insurance Program, if the building is located in a FEMA-defined Special Flood Hazard Area

  3. Mathematically Speaking Cost to Repair + Cost of Improvements > 50% Market Value

  4. Post-Event Local floodplain managers must be able to quickly inform building owners of: • the need to bring substantially damaged buildings into compliance with current flood hazard regulations • potential grant opportunities and need to sign letter of intent

  5. SI/SD Determination Before issuing floodplain development permits to repair damage local floodplain manager must: • Determine costs to repair • Determine pre-event market values • Make SI/SD determinations

  6. Assessed RMV • In Oregon, the assessed real market value of improvements may be used as a starting point to establish the market value of a structure • Building owners may appeal the valuation with a professional appraisal

  7. Pre-planning • Educate floodplain managers about how RMV is estimated • Discuss limitations • Help develop substantial damage assessment protocols in your jurisdiction

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