If local building officials notified you that your home is substantially damaged, you may be able to receive funds to make your structure safer and stronger.
If you are rebuilding or repairing a substantially damaged home or business, your community may require you to elevate or make other changes. Substantial damage applies when the cost of restoring a structure equals or exceeds 50 percent of its pre-damage market value. However, some communities have regulations that are more restrictive. Check with your local building officials or community flood-plain administrator for more information.
If the substantial damage is solely from flooding, your National Flood Insurance Program (NFIP) policy may provide up to $30,000 to update your structure so it meets local flood-plain management regulations. To apply, you must first submit a signed Increased Cost of Compliance (ICC) Proof of Loss form to your insurance company.
To be considered for an ICC claim, your insurance company needs a contractor’s estimate for the proposed ICC-eligible measures to your home or business and copies of construction permits.
Structures that comply with flood-plain management regulations have an enhanced ability to withstand storms and floods. Mitigation measures eligible for ICC include elevation, relocation, demolition and flood proofing.
You have six years from the date of loss to complete the chosen and approved ICC measures.
The U.S. Small Business Administration (SBA) may be another source of funds if your home or business was determined to be substantially damaged.
If you applied for an SBA Home Disaster Loan or Business Physical Disaster Loan and your
application was approved, you may be eligible for additional funds to pay for improvements that will protect your property against future damage. The funds can be up to 20 percent of the amount of the approved loan.
For more information, call the SBA at 800-659-2955 or TTY 800-877-8339. You may also go online to sba.gov/disaster.
For more information on North Carolina’s recovery, visit fema.gov/disaster/4285 and readync.org. Follow FEMA on Twitter at @femaregion4 and North Carolina Emergency Management @NCEmergency.