In this article and video we discuss what increased cost of compliance is?
The Increased Cost of Compliance, or Increased Compliance Cost, pertains to the additional coverage and assistance provided by federal flood insurance for those impacted by a flood. This comes in the form of providing extra payment coverage of up to $30,000 to cover the needs of a property for flood mitigation and reduce flood risk.
You should be aware that the ICC is only available for policyholders under FEMA and NFIP. This additional flood insurance coverage is intended to make sure that your property is both prepared and has reduced the risk of flood damage to the building in the future. The additional coverage for flood mitigation is dedicated to making sure that your property or building will be in compliance with the State or community floodplain management ordinances or laws.
