Q: What is a FEMA appraisal?
A: When a home is located in an area where flood insurance is required, FEMA limits the amount a property can be improved. This is due to the added flood risk associated with an improvement below flood level height. Since flood levels are periodically updated, building height thresholds are also changed. The 50% Rule is the specific damage assessment guideline established by the Federal Emergency Management Agency (FEMA), and is also widely used by coastal communities which participate in the Community Rating System (CRS) of the National Flood Insurance Program (NFIP).
Replacement Cost: The cost to replace the property on the same premises with another property of comparable material and quality used for the same purpose utilizing modern building techniques in compliance with modern codes and methods.
Depreciated Replacement cost: The replacement cost of a structure as a factor of the remainder of the structure’s economic life.
Q: Why do I need a FEMA appraisal?
A: If you live near water, there is a good chance you are located in an AE or AH flood zone. The county will default to the 50% rule on your renovations and improvements for your property. A FEMA appraisal challenges those limitations by developing a replacement value for improvements in order to re-establish the baseline for the property’s FEMA replacement analysis.
Q: What makes a FEMA appraisal different?
A: Unlike regular appraisals, FEMA appraisals are written in narrative form. This is totally unlike the data-heavy forms that consist of 98% of the work that appraisers typically complete for lenders. It is important to have a FEMA experienced appraiser perform this unique service.
Q: Why should I hire Candid Appraisals to write my FEMA appraisal?
A: We have worked with the FEMA Coordinators for Marco Island, the City of Naples, and Bonita Springs. We know what they are looking for in an appraisal and we ensure that our clients receive the benefit of our experience.
Q: What do you charge for a FEMA appraisal?
A: Typically, FEMA appraisals start at $500. Email or call for a quote tailored to your property.