To adhere to the City of Madeira Beach Floodplain Ordinance & FEMA appraisal requirements for the FEMA 50% rule, “Substantial Improvement /Substantial Damage”, the appraisal must adhere to the following:
- Be developed in general accordance with FEMA P-758, most recent edition, section 4.5.3 for Actual Cash Value (ACV) based on replication/replacement of existing structure, no adjacent sales data should be provided nor taken into consideration for this approach
- Appraisal must include a thorough building description with quantifiable linear footage and square footage information
- The building description must include but not be limited to: foundation type, exterior wall construction, roof structure, interior finishes, etc.
- Current interior and exterior photos must be included, if the ACV is being produced post damage then photos representing the property in its most recent condition, pre-damage will be acceptable
- If the appraisal report includes any excerpts from prepopulated forms please be sure the REPRODUCTION/ REPLICATION box is selected
