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Post# of 79921
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kelly leak

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kelly leak

Re: None

Sunday, 01/08/2006 10:08:48 AM

Sunday, January 08, 2006 10:08:48 AM

Post# of 79921
This is interesting..

Increased Cost of Compliance Coverage
If your home or business was severely damaged by flood, you may be required to meet a certain elevation level to reduce future flood damage before you repair or rebuild your home. To help cover the costs of meeting the required elevation level, the National Flood Insurance Program includes Increased Cost of Compliance coverage for all new and renewed Standard Flood Insurance Policies.

Flood insurance policyholders in high-risk areas can get up to $30,000 to help pay the costs to bring their home or business into compliance with their community's floodplain ordinance.

You may file a claim for your Increased Cost of Compliance coverage if the City of New Orleans determines that your home or business is damaged by flood to the point that repairs will cost 50 percent or more of the building's pre-damage market value.
http://www.cityofno.com/portal.aspx?portal=1&tabid=61

Sounds to me like alot of rebuilding is going to require raised elevation levels. I would think that alot of sand and gravel will be needed to raise those elevations before rebuilding. And policyholders can get $30,000 to help bring their home or business into compliance. Cha-ching for Murphy Sand and Gravel IMO!!

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