Should I Raise My Home in Fort Lauderdale?

Because flood risks are so high in Fort Lauderdale and other parts of Florida, many homeowners are considering the benefits of simply elevating their residences above probable flood levels. This simple home improvement could save your residence and your belongings from severe flood damage. But is it really worth it? How much could it cost? Could this “replace” standard insurance and allow you to self-insure? These are all questions worth asking an experienced Fort Lauderdale property insurance lawyer.

What Is the “Elevate Florida” Program?

Elevate Florida is a relatively new program that gives homeowners funding to elevate their homes. Provided by the Florida Division of Emergency Management, this program could provide you with 75 percent of the cost to raise your residence above flood levels. While raising your home can still be quite expensive with only 25 percent of normal costs, this could be a worthwhile investment for many homeowners in Fort Lauderdale.

Part of the reason this program has become so attractive is its potential to reduce insurance costs. The cost of elevating your home also improves your real estate values, and some would argue that you’re not actually “losing” money when you spend it on elevating your home. Instead, you are simply shifting assets into your homestead, which is a popular financial strategy for families in Florida.

Do I Qualify for Government Funding to Elevate My Home in Florida?

Not everyone qualified for the Elevate Program in Florida. The Florida Division of Emergency Management will only approve your application if you live in a FEMA-designated flood zone (which includes much of the Fort Lauderdale area). You also need flood insurance in order to qualify for this program. If you don’t have flood insurance yet, you can apply for it and obtain it immediately before seeking Elevate Florida funding.

In addition, you must make a commitment to maintain your flood insurance for as long as your elevated structure stands. This may be disappointing to some homeowners, especially those expecting to “replace” flood insurance with elevation renovations. The logic is that if you have elevated your home, you probably don’t need flood insurance anymore. However, Elevate Florida is quite strict about this requirement.

If you are denied by Elevate Florida or you’d rather not pay for flood insurance, you could always fund your own home elevation. Many homeowners in Florida have used their life savings to pay for this renovation. The process of elevating your home is quite complex, involving hydraulic systems and attachment to new foundations. However, some homeowners have successfully completed this renovation without much assistance. 

Contact Our Fort Lauderdale Property Insurance Lawyers Today 

At Fuxa & Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources:

 winknews.com/wink_investigations/homeowners-denied-by-elevate-florida-say-theyre-tapping-into-life-savings-to-raise-their-homes/article_faccdacb-13d6-46dd-8756-415242633acc.html

winknews.com/news/collier/east-naples-nurse-raises-flood-damaged-home-herself-after-ian/article_72208f60-ad79-4df3-b6ef-a901a5c0a046.html