Property owners seeking compensation from Florida insurance providers already face many obstacles, and FEMA regulations may add another variable to the mix. FEMA’s 50% Rule can seem like yet another challenge, but having a better understanding of the reason behind this rule and how to navigate it can prove to benefit your property in the long run. Learn more about complying with the 50% Rule and how a public adjuster can help you resolve your claim and prepare for the future.
Schedule a consultation with Altieri Insurance Consultants Naples for damage claims services and pre-loss planning near you!
America’s Efforts Towards a Safer Nation
The Federal Emergency Management Agency (FEMA) aims to protect citizens by encouraging the implementation of structural improvements that can prevent or mitigate property damage. The 50% Rule restricts repairs on damaged properties that will exceed half of the property’s value until the property owner complies with the most current floodplain management regulations. The only way to receive compensation for damage repairs is to ensure the property meets these flood regulations.
What the 50% Rule Means For Floridians
While FEMA’s 50% Rule may appear to complicate the process of receiving insurance coverage through flood damage claims, this regulation sets out to protect property owners from future damages.
Imagine performing extensive repairs on an older property after a hurricane. You spend time and resources on getting your property back to the state it was in, just to have it torn down again after the next heavy storm because the building isn’t up to standard. Not only is this unsafe for everyone involved, but it also puts strain on your insurance provider which can affect your premiums and settlements.
Properties that are not compliant with FEMA’s 50% Rule may be denied flood insurance coverage or see an increase in premiums by up to 300%. By upgrading your property to meet flood regulations, you can avoid paying out-of-pocket for flood-related property damage and even see a decrease in your insurance premiums.
How to Protect Your Property In Accordance With FEMA
Being proactive in preventing complications with your insurance during a flood damage claim can be accomplished by hiring a trusted public adjuster in the area. Public adjusters are qualified to appraise your property and identify areas of improvement to meet flood regulations. After a storm or hurricane, a public adjuster can inspect the property and determine whether or not you meet the requirements for insurance coverage under the 50% Rule.
Additionally, within the FEMA guidelines, there are items that don’t necessarily factor into the 50%, or the owner may not want to demolish the property and would rather end up near 49%. Our team assesses the damage and then works with the owner to put together a strategy that fits their priorities.
Meeting with a reputable team of insurance consultants before or after flood damage can help you receive what you are owed and prepare for the next Florida disaster.
Let Altieri Insurance Consultants Assess Your Property For Future Planning!
Make sure your property is compliant with flood management regulations by hiring Altieri Insurance Consultants Naples for a property inspection and appraisal. We offer flood damage claims services and pre-loss planning to help you receive the correct amount when receiving an insurance settlement. We are the partner property owners rely on!
