Elevationsshoring

Answer: Repetitive Loss Mitigation grant One of the challenges to rebuilding after Hurricane Katrina has been making sure homes and businesses meet new standards of flood prevention. Companies like Elevations Shoring ( www.elevationsshoring.com) can elevate existing homes and businesses above base flood levels and can reinforce foundations against future flood damage, but for many home owners the cost of these repairs exceeds what their insurance will cover. Fortunately, there are a variety of federal grants available to help offset the out-of-pocket expenses of these repairs and improvements. One such grant, offered through the National Flood Insurance Program - the only source of flood insurance- is called a Repetitive Loss Mitigation grant. Funds are provided on an annual basis to allow home owners to make necessary repairs or improvements on their homes to reduce the risk of flood damage to homes insured through the National Flood Insurance Program. A residential property that has already had at least four claims for more than $5000, and for which two claims have been made that together exceed the market value of the home. Homes in high flood risk areas, as determined by the FEMA flood maps, are likely going to be eligible for a Repetitive Loss Mitigation grant. It may seem strange that the same federal agency that provides the flood insurance also offers grants to offset the costs of rebuilding and preparing against future flood damage. However, it actually makes good social and business sense. The cost of preventative work: elevating homes, or rebuilding homes to meet the most current standards in flood protection, will ultimately cost the NFIP less, because less damage over time will mean fewer claim that have to be paid. If NFIP just continued to pay claims as structures were repeatedly damaged and rebuilt in the same ways, it would be a very inefficient system. A payout of a set amount of money to mitigate or prevent major flood damage is more cost effective and creates a better foundation for stable, permanent communities, which supports the state economy.