12/05/2022
If you receive a declaration from your local floodplain administrator that your home is substantially or repetititvely damaged, you may file a claim for your Increased Cost of Compliance (ICC)coverage. Below are the definitions to learn more about those terms:
1. If your community 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. This is called substantial damage.
2. If your community has a repetitive loss provision in its floodplain management ordinance and determines that your home or business was damaged by a flood two times in the past 10 years, where the cost of repairing the flood damage, on the average, equaled or exceeded 25 percent of its market value at the time of each flood. This is called repetitive damage. Additionally, there must have been flood insurance claim payments for each of the two flood losses.
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