Homes in FEMA designated flood zones have repair/renovation cost limitations based on the actual cash value of the structure. This is in place to limit FEMA’s liability risk in flood zones. The subject is located in a flood zone. Collier County Property Appraiser provides two values for single-family homes; one is the estimated value of the land; one is the estimated value of the improvement. The estimated value of the improvement is considered the actual cash value of the subject. FEMA allows 50% of the actual cash value as a budget for any repair/renovation. When applying for permitting, all homes in flood zones must submit a form indicating the total budget in order to obtain permit approval. In other words, if a property requires an improvement, the repair/renovation cannot exceed 50% of the actual cash value of the property.