Key Colony Beach Homes

Key Colony Beach Homes

Key Colony Beach homes are a great options for investment or to move in full time.  However, if you are buying a Key Colony Beach home that is ground level and below flood, there are certain factors you need to consider.

50 Percent Rule

Key Colony Beach, being located in a flood zone, is required to comply with the 50 percent rule of the Federal Emergency Management Agency.

The FEMA 50 percent rule is a guideline used by the Federal Emergency Management Agency (FEMA) to determine whether or not a damaged structure in a flood zone is considered substantially damaged. The rule states that if the cost of repairs after a flood or other disaster exceeds 50% of the structure’s pre-damage market value, then the structure is considered substantially damaged.

If a structure is considered substantially damaged, then it must be brought into compliance with current floodplain management regulations, which could include elevating the structure or modifying its design to reduce the risk of future flood damage. If the cost of the required improvements exceeds 50% of the structure’s pre-damage market value, then the owner may be required to demolish and rebuild the structure in compliance with the floodplain regulations.

The FEMA 50 percent rule is intended to ensure that structures in flood-prone areas are built to withstand future flooding events and to protect public safety and property.

If you’re considering purchasing a property in Key Colony Beach that sits at or below ground level and falls within a flood zone, it’s crucial to bear in mind that, in the event of a hurricane, you may be obligated to tear down your existing building and construct a new one that adheres to floodplain regulations. Keep in mind that upgrades are evaluated over a three-year duration. Before buying a residence situated in a flood zone, it’s essential to comprehend the extent of the improvements made by the current seller. If the current seller has already carried out significant renovations, reaching the maximum improvement threshold, and you purchase the property, and a hurricane occurs within that three-year period, there’s a high likelihood that you won’t be able to repair the structure.

Key Colony Beach Code:

Sec. 6-26. – Amendments to the Florida Building Code, Existing Building.

SUBSTANTIAL DAMAGE. Damage of any origin sustained by a structure whereby the cost of restoring the structure to its before-damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred. The term also includes flood-related damage sustained by a structure on two separate occasions during a 10-year period for which the cost of repairs at the time of each such flood event, on average, equals or exceeds 25 percent of the market value of the structure before the damage occurred.

SUBSTANTIAL IMPROVEMENT. Any combination of repair, reconstruction, rehabilitation, alteration, addition or other improvement of a building or structure taking place during a 3-year period, the cumulative cost of which equals or exceeds 50 percent of the market value of the structure before the improvement or repair is started. The period of accumulation begins when the first improvement or repair of each building or structure is permitted subsequent to November 22, 2011. If the structure has sustained substantial damage, any repairs are considered substantial improvement regardless of the actual repair work performed. The term does not, however, include either:

Any project for improvement of a building required to correct existing health, sanitary or safety code violations identified by the building official and that is the minimum necessary to assure safe living conditions.

Any alteration of a historic structure provided that the alteration will not preclude the structure’s continued designation as a historic structure.

Flood Map Elevations

Currently, new flood maps are under development, and they are expected to raise all elevations in Key Colony Beach by approximately 1.5 feet. Several residences in Key Colony Beach are situated just above the flood zone. However, with the impending release of the new maps, these homes will likely fall below the flood line and will, therefore, be subject to the 50 percent rule.

Flood Zone Changes

Several areas in Key Colony Beach will experience a change in Flood Zone, in addition to alterations in the flood elevations. At present, there are two flood zones: AE and VE. The new maps will introduce a new Flood Zone called Coastal A. This change in flood zone will impact how structures are built. Homes that were formerly located in AE and are now in VE or Coastal A zones will require higher construction standards. These higher standards will translate to higher costs for homeowners.

Key Colony Beach Homes Conclusion

To make the best decision for your family when buying a home in Key Colony Beach, it is essential to comprehend the 50 percent rule and to review both the current and draft maps for any changes in elevations and flood zones. Familiarizing yourself with these factors can be helpful in ensuring that you make an informed decision.

Local Resources:

 MuniCode Key Colony Beach

City of Key Colony Beach 

Prumo & Carden Team 

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