Assessing Storm Damage
After a hurricane, prioritizing safety and assessing structural, roof, and water damage is the first step. Homeowners should document everything for potential insurance claims, regardless of whether they plan to repair or sell.
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The FEMA 50% Rule
A major consideration in coastal Florida is the FEMA 50% Rule. If a home in a Special Flood Hazard Area sustains 'substantial damage' (where repair costs equal or exceed 50% of the building's depreciated market value), the entire structure must be brought into compliance with current flood plain management regulations.
Repairing vs. Selling As-Is
Repairing a hurricane-damaged home involves coordinating with insurance adjusters, finding licensed contractors, and securing permits. For some, selling the home in its current 'as-is' condition is a preferred path to move forward without managing an extensive rebuild.
[NEEDS CONTENT FROM MIKE: Detail how your underwriting process evaluates storm damage vs. land value, specifically mentioning post-Ian recovery realities in Lee and Charlotte counties.]