Homeowners who are at a higher risk of floods may have heard of FEMA before. Living in Miramar Beach already comes with its own set of problems every time a storm rolls around, so why suffer even more with the high cost of replacements and repairs that are practically unavoidable? The Federal Emergency Management Agency (FEMA) aims to make life safer for Floridians with the FEMA 50% Rule, but will this program impact your insurance claim?
Get the correct amount when you hire Altieri Insurance Consultants Miramar Beach for a team of public adjusters who can help you with your property damage claims!
What the FEMA 50% Rule Means for Floridians
The FEMA 50% Rule regulates reimbursement for flood damage in Special Flood Hazard Areas (SFHA). If the cost of repairing or replacing any damaged part of your property meets or exceeds 50% of said property’s market value, then you may be required to bring the entire operation up to code before putting in for a settlement. This is why you’ll also hear people referring to this rule as the “Substantial Damage” rule as a name that’s much more contextual for those not in the profession.
Learn more > Florida Insurance: What Is FEMA’s 50% Rule?
Yes, FEMA’s 50% Rule Can Impact Your Insurance Claim. Here’s How:
You know more about the FEMA 50% than you did before, but how does this new info help you get the most out of your insurance claim? Should your claim trigger this rule, you could be facing increased expenses that are out of your control and more than what your policy may be written for.
It can be frustrating to be hit with unexpected expenses, but your trusted team of public adjusters in Miramar Beach is here to help you be prepared for anything!
Here are the main ways that the FEMA 50% Rule can impact your insurance claim:
- You may need to make additional repairs before qualifying for reimbursement.
- Increased repair costs can cause you to exceed your insurance coverage limit.
- Your property may go through demolition and rebuilding to meet requirements.
- You may qualify for ICC coverage, which can cover some of these necessary expenses.
What You Can Expect When Filing a Damage Claim
A nightmare scenario would involve you putting in for an insurance claim and being told that you need to spend much more time and money on repairs before your claim is even valid. Unfortunately, that’s the reality for many property owners in Miramar Beach, where SFHAs are spread as far as the eye can see. The best-case scenario is to assume that this can happen to you at any point and know what to do when it happens.
Miramar Beach property owners who fall under the FEMA 50% Rule must get an appraisal before anything else. Instead of hiring your typical property appraiser, you can kill two (or more) birds with one stone by hiring a public adjuster instead. These professionals will be able to assess your property and determine what you need for a complete insurance claim and a fair settlement, all while handling all other busywork for you! Sometimes, claiming damages below 50% may be the best route to go.
I Live In a Special Flood Hazard Area. What Should I Do?
Already know that you live in a flood-prone area? Instead of waiting for disaster to come your way, it’s better to have everything in place now for an easier time later.
Hire a public adjuster in Miramar Beach today to get through your essential checklist:
- Have your policy reviewed
- Get involved in a pre-loss program
- Keep a public adjuster you can trust on standby
Altieri Insurance Consultants is the trusted team for insurance claims in Miramar Beach. Listen to our success stories to see what we can do for you!
Live In Miramar Beach? Meet With Your Trusted Public Adjusters at Altieri Insurance Consultants!
Be prepared for anything. Reach out to Altieri Insurance Consultants Miramar Beach today to place your trust in capable hands the next time you file a damage claim.
