Flooded by Gustav/Ike?Friday November 22, 2013 03:44 pm
Insured households can still receive up to $30,000
toward elevating, relocating or demolishing the structure.
The Parish residents and businesses have been very resourceful in rebuilding since hurricanes Gustav and Ike, though funding is sometimes slow to arrive. Insurance benefits called "Increased Cost of Compliance" (ICC) often provide up to $30,000 to reduce flood risk by elevating, relocating or demolishing the structure. The traditional two-year timeframe to take advantage of this benefit has been extended for people who can show good reason for not moving forward sooner. Ask your insurance agent about the waiver process. Anyone who has been in a grant program but not moved forward may receive a waiver.
Many people, whether in a grant program or through their own funds, use this money to reduce their flood risk and come into compliance (usually elevation) directly or to provide a match required for a federal grant. Individuals who have been flooded suffering losses above 50% of the value of the home are considered substantially damaged under the Flood Damage Prevention Ordinance. Substantially damaged structures are not compliant with the Ordinance and need to mitigate in 3 years. ICC can help people come into compliance as it was intended. This extension may be a second chance for people who were rejected from ICC after September 2012 or never applied.
See the attached document for the original insurance bulletin for details explaining the waiver.