With winter storm Juno leaving, much as we had predicted, many have not seen flooding or damage associated with a storm like this since the “No Name” storm of 1991. This storm caused several total structure losses and much more damage along the coast.
At this time, the Marshfield Citizens Coastal Coalition would like to take a second to review storm history and losses as it pertains to the National Flood Insurance Program, since many who have received damage may be considering filing a flood loss claim.
The following definitions classify your structure in two categories: Repetitive loss and Severe Repetitive Loss in relation to flood losses:
Repetitive Loss: You have had 2 claims in 10 years over $1000 OR one loss exceeding 50% of the value of the structure since 1978
Severe Repetitive Loss: 4 losses of $5000 or more in 10 years OR 2 or more claims equaling or exceeding the value of the structure since 1978
If you are asking yourself if you should file a claim, that is 100% up to you as a homeowner. However, we advise claims for small items $2500 or less (such as deck damage) be avoided if possible due to the fact that you may need a claim at a later date for something much more substantial that may cause you to become categorized as a repetitive or severe repetitive loss if you were to file a smaller claim now.
Becoming a Severe Repetitive Loss causes you to lose any type of pre-FIRM subsidy, lose grandfathering, and raises premiums. Here are some helpful claim tips for all properties:
-DOCUMENT EVERYTHING before you start cleanup
-Know your structures current loss history
-The 10-year loss period for both repetitive loss and severe repetitive loss is based on structure history, not owner history
-The “value” in the definitions above are based on current fair market value
-If you have a total loss, you are able to tap into ICC (increased cost of construction) funds, currently at $30,000, which are ONLY able to aid in the raising of your structure.
Also, please send us storm photos as we are trying to gather storm history. You can easily send them here http://www.marshfieldcoastalcoalition.org/?page_id=245
We have added a helpful guide on Severe Repetitive Loss on our website: