Increased Cost of Compliance 5
Increased Cost of Compliance 5 : "The Standard Flood Insurance Policy has a provision that will pay the policy holder to comply with a State or local floodplain management law or ordinance affecting repair or reconstruction of a structure suffering flood damage. Mitigation activities eligible for payment are: elevation, floodproofing, relocation, or demolition (or any combination of these activities) of the structure. Policyholders may receive up to $20,000 under this coverage. The structure must meet certain eligibility criteria, including a substantial damage or repetitive loss determination by a local official". (FEMA, Increased Cost of Compliance, May 19, 2007)
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