Laserfiche WebLink
C. Individual Damage Assessment Forms <br /> A damage assessment to quantify individual and business losses is <br /> different from a public damage assessment. By using forms B and <br /> C (see Appendix C), assessors are able to document the extent of <br /> damage to individual homes, businesses and jobs, but less <br /> emphasis is placed on determining the exact dollar value of the <br /> losses. <br /> IV. NATIONAL FLOOD INSURANCE PROGRAM - The 50% Rule <br /> A. SUBSTANTIAL DAMAGE <br /> Pre-FIRM buildings must be elevated if damaged by any cause for <br /> which repair costs are 50% or more of the value of the building. <br /> This is a "hidden cost" that actually reduces the value of the <br /> structure. Most homeowners never know about this until it happens <br /> to them. Damage can occur from flooding, fire, earthquake, wind, <br /> or man. This applies to all buildings in a flood hazard area, <br /> regardless if the building has flood insurance. <br /> The costs to repair must be calculated for full repair to "before- <br /> damage" condition, even if the owner elects to do less. The total <br /> costs to repair include both structural and finish materials and <br /> labor. <br /> B. SUBSTANTIAL IMPROVEMENT <br /> When a Pre-FIRM building is proposed to be remodeled, <br /> renovated, rehabilitated, added to, or in any way improved, the <br /> proposed modifications must be evaluated for "substantial <br /> improvement. If the total costs of improvement are 50% or more of <br /> the building value, the building must be elevated, etc., just like <br /> "substantial damage."Total costs" means all structural costs, as <br /> well as all finish materials, built-in substantial improvement rule is a <br /> hidden potential cost that the buyer needs to be aware of. <br /> C. BUILDING VALUE <br /> Building value = market value of structure only. Land and exterior <br /> improvements are excluded, e.g., swimming pool, pool enclosure, <br /> landscaping, paving, etc. Market value = assessed value or <br /> properly-depreciated appraised building value. The assessed <br /> value may be adjusted upward to reflect the market more <br /> Indian River County Comprehensive Emergency Management Plan Annex III - Page 14 <br />