WILL NFIP INCREASED COST OF COMPLIANCE (ICC) FLOOD INSURANCE COVERAGE PAY TO ELEVATE BUILDINGS TO THE ADVISORY BASE FLOOD ELEVATIONS?
Yes. If your community adopts and enforces the Advisory Base Flood Elevations and requires a substantially damaged building to be elevated to that elevation, that building would qualify for ICC coverage provided that it met the other requirements in the policy. ICC would pay the cost of elevating the building to the Advisory Base Flood Elevation and the adopted freeboard up to the $30,000 limit for ICC coverage. Coverage would also be available if your ordinance applies those elevations to areas that are currently mapped as B, C, or X zones or applies V zone construction standards to areas currently mapped as A zones.
