Interpretation #9065
Published February 28, 2025
Original Request
- Code Version
- 2023
- Code
- EXTBLDG
- Code Description
- Chapter
- 2
- Section
- 202
- Topic
- Substantial Improvement
Question
Can the statement "...50% of the market value of the structure..." be interpreted as the replacement value of the structure?
Answer Published 02/06/2025 at 8:21 AM
FEMA P-758 is the desk reference that provides the NFIP language. See the Preface in this publication. This is a guide. The language in the Local jurisdiction Floodplain Requirements should contain specific methods of determination of SI/SD.
The value of the structure is based on the structure market value without the land; which is determined by either, the listed property appraisers value or a licensed appraiser that can determine the legal market value. The replacement value is not the same. The simple answer is No.
The value of the structure is based on the structure market value without the land; which is determined by either, the listed property appraisers value or a licensed appraiser that can determine the legal market value. The replacement value is not the same. The simple answer is No.
Commentary
None.