If your home was damaged in the Great August Flood this is REQUIRED reading.  Mr. Mitchell from the Advocate has laid out all the scenarios on how to proceed in a timely and cost effective manner.

 

We will elaborate on a few of the issues here.  The link to the full article is below.

 

 “Bateman’s Substantially Damaged home was not insured. Elevation would be expensive, with Bateman estimating it could cost more than $100,000. It’s not worth doing that, but it’s worth fixing and me continuing to live in it. At 72, how many more years do I have?” he asked.”  FEMA must allow exceptions to Seniors and the Disabled, or funding made available to raise their homes – in a timely fashion.  This ‘process’ has KILLED seniors in NY and NJ after Superstorm Sandy.

 

“Part of the problem with his insurer, he said, is getting credit for the older, more expensive construction style, as well as slab damage he said the slow-rising flood water caused.  Mayor Lambert said the contrast has been notable between what National Flood Insurance Program officials have told him in meetings with other elected public officials and what his insurer has told him as an individual policy holder. “Now you talk to NFIP people and they say, ‘No, we’re going to make you whole on your damages, on your actual damages,’ but you talk to Allstate, it’s a whole different story,” Lambert said. “Like they don’t want … to give you the actual value and take into consideration the age and construction of older houses.” ” THIS IS A ENDEMIC PROBLEM.  UNDERPAYMENTS AND FRAUD HAVE BEEN UNCOVERED IN THE PAYING OF CLAIMS.  Please watch Sandy Task Force on Flood Insurance Fraud  and 60 Minutes – The Storm After the Storm .  You should be receiving $150 per sq. foot for your flood damaged home from your flood insurance, if not please contact us.  IF YOUR HOME WAS SUBSTANTIALLY DAMAGED YOU SHOULD RECEIVE A SUBSTANTIAL AWARD.

 

“Jerome Fournier, Ascension’s planning director, said property owners aren’t always trying to get substantially damaged homes reduced below the 50 percent threshold. Some are seeking just the opposite. ”  If you are on the fence on whether to raise or not, read the paragraph below about the cost of flood insurance in the near future.  Also if you currently have flood insurance, there is an additional $30,000 for SD homes to raise your home.  It’s called “Initial Cost of Compliance” and it helps offset the cost of raising your home.  You pay for this through your flood insurance premiums.

 

“Brandi Wells Bourgeois, 38, had no desire to appeal her 59 percent damage assessment and wants to elevate to avoid dealing with a future flood. Bourgeois’ house in St. Amant, which she bought in April, got 16 inches of water even though it was raised more than 3 feet.”

 

Another thing to consider is…. What will your flood insurance premiums be in a few years if you are 2, 3 or 4 feet below FEMA’s BFE?  If you are 1 foot below the BFE your “actuary rate” will be over $5,000 a year in just a few short years.  If you are lower than 1 foot below the BFE, your actuary rate will be exponentially higher.  

 

We write these articles not to sway you one way or another…. just to provide you with the latest information to help you rebuild quickly and correctly. God Bless.

 

Read the full Advocate article here

substantially-damaged-substantial-award

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