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TAMPA, Fla. (WFLA) — Between the flooding and the cleanup, those who endured Helene and Milton have faced many hurdles.
Now, a federal regulation, FEMA’s so-called “50% rule” might cost them hundreds of thousands of dollars. It’s something that’s catching some homeowners affected by flooding and damage off guard.
FEMA’s 50% rule is a complex regulation that can cost homeowners a small fortune. Essentially, those in a flood zone who have substantial damage might not be allowed to just do simple repairs. They may be forced to tear down their home, and completely rebuild, at a higher elevation.
“The estimate for my roof came in at $75,000,” Holly Young said. “That’s a big number considering the FEMA 50/50 allowance on my house is $66,000.”
Local building officials will be the ones to give the bad news.
FEMA’s rule is triggered when the cost of repairs exceeds 50% of a home’s market value.
“I’m going to get an independent property appraiser who does a FEMA cost analysis and hopefully that number will go up a little bit for me,” Young said.
Homeowners can go to their local property appraiser’s website and find their home’s market value, and then divide that by two.
As per federal regulations, the total cost of repairs cannot exceed that number.
Federal officials say they want people in vulnerable areas to upgrade their homes because when they don’t, they get flooded repeatedly. Then, the National Flood Insurance Program (NFIP) has to make a payment, and all taxpayers are on the hook.
For more information about the FEMA Substantial Damage Estimator Tool, click here.