FEMA Guidelines for Compensation

Based on FEMA regulations and to allow residents to be compensated for losses:

  1. It is essential that they save receipts for all items purchased for clean up and replacement.
  2. Based on the number of claims that there is going to be this year, it is essential that residents document losses with pictures.
  3. If they have flood insurance, the property owner should notify their insurance agent at once.
  4. Once the water recedes, I will do a damage assessment on each property.  This will be necessary to comply with FEMA and State Building Code requirements.

If any structures were destroyed by more than 50 percent of its market value, if they had flood insurance, the residents should go through their insurance policy.
 
If the structure is not insured, is destroyed, and they lie in the 100 year flood plain, they would qualify for a buy-out.  The current FEMA regulations are 75 percent federal and 25 percent local. However, back in 06, the State picked up the 25 per cent local share.  I wouldn’t be surprised if they did it again this time.  The Town would have to agree with the terms established for a buy-out package.  This is a long and timely process once the President declares a disaster.

For now, the best advice to tell people is document, document, document.