Proper Benefit Cost Analysis Key in Mitigation Grant Application

CORPORATE OFFICE 126 Business Park Drive Utica, New York 13502 800.382.2468 Outside U.S. (315) 797.3035 FAX: (315) 272.2054 [email protected] Copyright © 2016 Adjusters International, Inc. Adjusters International® and the AI logo are registered trademarks of Adjusters International, Inc. Follow Disaster Recovery Today on Facebook & Twitter: Facebook.com/AdjustersInternational Twitter.com/DRToday DISASTER RECOVERY TODAY is published as a public service by Adjusters International, Inc. It is provided for general information and is not intended to replace professional insurance, legal or financial advice for specific cases. WEB ADDRESSES AdjustersInternational.com DisasterRecoveryToday.com PUBLISHER Ronald A. Cuccaro, SPPA EDITOR Sheila E. Salvatore DRT16 4017 Is there a topic you would like to see covered in an upcoming edition of Disaster Recovery Today? You can make topic suggestions, contact the editor, request free subscriptions and browse our back issues all from our website — DisasterRecoveryToday.com. We look forward to hearing from you. Getting Started To complete a comprehensive BCA for a flood mitigation project, it is important to obtain a current Flood Insurance Rate Map (FIRM) and Flood Insurance Study (FIS). These documents will define the special hazard area of the project, flood elevation data and profiles, streambed elevations, and flood discharges. DOCUMENTS SOURCE (typical) Base flood or first-floor flood elevation Professional engineer or surveyor Building Replacement Value (BRV) Tax records, building inspector, contractor or an estimate derived from a national cost estimating guide Building area (square footage) Tax records, property appraiser, real estate listing Flood hazard data Flood Insurance Study (FIS) or hydrology study Building contents data Receipts, itemized insurance policy and/or FEMA default of 50 percent of BRV Displacement costs Advertisements, rental agreements and/or FEMA default cost per square foot (per month) Flood frequency data Flood Insurance Study, hydrology study, historical records, flood depths, damage costs Before mitigation data Flood Insurance Study or hydrology study, insurance claims, receipts, newspaper articles After mitigation data Statement from engineer or professional Document loss of function Traffic counts from engineer or state department of transportation Project cost Cost estimate breakdown and maintenance costs R E F E R E N C E S : FEMA BCA Reference Guide 508 Final – June 2009 FEMA Supplement to the BCA Reference Guide 508 – June 2011 Natural Hazards Review – ASCE November 2007 HMA Unified Guidance – 2013 FEMA BCA Toolkit 5.1 Luanne Principe “Regardless of which grant program a subapplicant is applying to, the application must present the project’s clear benefit(s) if it is to be successful. ” THE AUTHOR

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