Flood Insurance May Have Extra Benefits

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Release date: 
June 27, 2001
Release Number: 

Baton Rouge, LA -- Flood insurance helps policyholders get their lives back in order and their homes back in shape after a flood. If you were flooded and have flood insurance, you may be eligible for additional assistance.

State and federal officials want to remind Louisiana residents that homes or business damaged by Tropical Storm Allison may be required to meet certain building standards to reduce future flood damage before they repair or rebuild. The cost of rebuilding to meet those standards can be assisted through the National Flood Insurance Program's (NFIP) Increased Cost of Compliance (ICC) endorsement for insured structures. Since June 1, 1997, every NFIP flood insurance policy has included ICC.

If your community declares your structure to be substantially or repetitively damaged, ICC may help pay for the cost to elevate, demolish, or relocate the building. Under ICC, homeowners may qualify for reimbursement of up to $20,000 to comply with local floodplain regulations.

If you have been flooded, and the cost of repairs exceeds 50 percent of the structure's pre-flood fair market value, and you have flood insurance, talk to your insurance agent about filing a claim under the ICC endorsement of your policy.

Policy owners with substantially damaged property must ask their agents to file for funds to cover their Increased Cost of Compliance, in addition to filing for reimbursement for property damage, when they file their insurance claims.

Last Updated: 
July 16, 2012 - 18:46
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