COLUMBUS, OH -- Property owners who carry flood insurance and are facing substantial losses in the wake of recent flooding, may be eligible for funding to help pay for the cost of elevating, floodproofing, demolishing or relocating their structures, according to the Ohio Department of Natural Resources (ODNR).
Flood insurance coverage has been available for many years. However, recent additions to the coverage help property owners comply with state and community floodplain management regulations. This additional funding is known as an Increased Cost of Compliance (ICC) insurance payment. ICC allows property owners to reduce risk as they recover, rather than just repair damage resulting from floods.
There is now an opportunity to receive funds for the often expensive cost of bringing a substantially damaged building into compliance with local flood safety codes," said Cindy Crecelius, floodplain program manager with the ODNR Division of Water. "ICC coverage is relatively new and applies to structures covered by a flood insurance policy underwritten by the National Flood Insurance Program."
To qualify for ICC, property owners must:
- Have a claim on a flood insurance policy with building coverage. Flood insurance policies with "contents only" coverage are not eligible for ICC.
- Have a substantially damaged structure, determined by a community floodplain administrator. Property owners can also qualify if their structure has sustained a repetitive loss (subject to certain limitations).
Local safety codes require that structures suffering substantial flood damage be brought into compliance with those codes when they are repaired. That may mean elevating a home, or dry floodproofing (making watertight) a commercial building. ICC coverage provides up to $30,000 to bring the qualified structure into compliance. This is in addition to the flood insurance claim for basic repair. ICC will also cover the cost of demolishing a substantially damaged structure or the cost of relocating the structure out of harms way.
Local officials have a tremendous burden and responsibility after a disaster to ensure that substantially damaged buildings are brought up to code," Crecelius said. "While these times are difficult for everyone, they present a window of opportunity to break the damage-repair-damage cycle frequently experienced by flood-prone structures."
For additional information on ICC, contact a flood insurance agent or check the Federal Emergency Management Agency website at www.fema.gov .