What is FEMA & the 50% Rule?
FEMA is the Federal Emergency Management Association, and it passed the so-called “50% Rule” which can affect renovation projects in flood zones. This rule can be important since many areas of Pinellas and Hillsborough Counties are flood zones. Essentially, the “50% Rule” states that if your home is in a flood zone, and it does not meet the current mandated height, any renovation is limited to a cost equal to or lesser than 50% of the value of the structure. As an example: The combined value of your structure & property is at $800,000. With a breakdown of the structure value at $600,000 and the land value at $200,000, the renovation would be limited to $300,000. It is important to note that each municipality interprets the 50% Rule differently. Moreover, the proper calculation of your home’s value is extremely important for any proposed renovation. At Bright Bay, we have been able to obtain many FEMA permits in the past, and have the expertise to help our clients deal with the 50% Rule
