In a recent article written in the Tampa Bay Times, John Romano reminded us of a very important topic that any coastal homeowner should remember. It’s the phrase “substantially damaged.” When you make a flood insurance claim under the National Flood Insurance Program (NFIP) guidelines, and the repairs would be more than 50% of the home’s value, then it must meet the new, stricter guidelines to qualify for the claim. And the tallest order is the one requiring the property to be elevated to 11 feet above the flood-water baseline.
Not everyone knows all the in’s and out’s of the new regulations and/or the flood zones in our area. That’s why you should contact the Malowany Group to help with any of you Real Estate buying needs. Our team does the research, knows the market and the neighborhoods, and will ensure you make a great decision on your next home. For the full article check it out here.