Increased Cost of Compliance (ICC)
What is it?
While some refer to it as a grant, it’s really more of a claim. When your community won’t give you a building permit to fix your building because it needs to be brought up to code, these increased costs to you can be too much. The ICC claim can get you up to an additional $30,000 towards these added costs.
Insurance Professionals
For the National Flood Insurance Program (NFIP) or Write-Your-Own Carriers (WYO’s), ICC claims are inevitably a part of life. While some handle it in-house, our process has simplified the requirements for the insureds to understand what is necessary, making outsourcing a convenient and reliable option for overwhelmed carriers.
Homeowners/Business Owners
For building owners, some look forward to this opportunity while others dread it. If you are being forced to bring your building into compliance with a local floodplain ordinance, please review our slideshow which explains the requirements.
The mitigation work must be completed within 6 years of the date of the flood (Hurricane Sandy victims have 9 years)
The claim cannot be transferred to another homeowner if you sell
It can be transferred to the community in a buyout situation where the community can be reimbursed for the demolition
The building must be substantially damaged, which the community defines, but is usually 50% or greater
Some communities have a “Repetitive Loss” clause which can sometimes include cummulative damage
