Posted by JD Seller on September 02, 2018 at 19:28:05 from (208.126.198.213):
In Reply to: Flood question posted by MTC on September 02, 2018 at 18:29:11:
Well you gambled that you where not going to ever be flooded. You have lost. I will not say much more on that as your worried enough.
Some general rules with FEMA can hit you even if you did not have flood insurance. The biggest is the 50% rule. IF your building suffered more damage than 50% of its pre flood value than you would have to bring it up to flood rules to be able to rebuild. Meaning make it to where it would not flood again.
Maybe you have not been to any towns that have rebuilt after floods. If you do you will see a lot of building just torn down because they can not be rebuilt economically to meet the flood rules. FEMA usually has a buy out offer. That may end up your best hope. FEMA money to rebuild is a harder battle and more of a long shot.
You see older homes setting on eight foot tall basements so the living area is above the flood plain.
The rules involve when dealing with FEMA defy common sense. They are convoluted and very involved. Meaning you will need legal help.
Ask the guys that live in hurricane alley and see what FEMA has done after major hurricanes in the past. It is not a good picture. Many months before much gets done and then what gets done really might not help much.
Can you stand to not have the restaurant not producing income for very long??? With structural damage and fall/winter just around the corner you could easily be closed until spring anyway. Do you have fall back plan incase the restaurant failed?? If you do that might be what you end up doing.
Your insurance company will not pay a dime if a flood did the damage and you did not have flood coverage.
Family at our church had flood damage. They lived half way up the hill side above the Miss. River. 50 foot above the flood plain. About 10-12 years ago we got that 10-15 inch rain in less than 24 hours. Their house set on the down hill side of the street. Right across from their house a side street intersected their street. With all the rain the storm drains could not handle all the water. A wall of water 4 foot high came down the side street and went right across an up their drive way. The weight of the water caved in their garage door. The water built up height in their garage until it blew out the door into the main floor of the house. The main floor had water 3-4 feet deep in it. That water eventually blew out the patio doors on the down hill side and the water flowed through their house and out the back. Their home insurance did not cover flood damage. I do not think they could have bought flood insurance as they are so high above the flood plain. They had around $50,000 damage to the house. Their home insurance paid maybe $10K of that for some water damage. The rest they had to pay themselves.
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