This determination is made when you apply for a building permit to begin repairing your home or business. You can only file an ICC claim if your community determines that your home or business has been substantially damaged or repetitively damaged by a flood. Your ICC claim is adjusted separately from the flood damage claim you file under your Standard Flood Insurance Policy. How to File an Increased Cost of Compliance Claim Additionally, there must have been flood insurance claim payments for each of the two flood losses. If your community has a repetitive loss provision in its floodplain management ordinance and determines that your home or business was damaged by a flood two times in the past 10 years, where the cost of repairing the flood damage, on the average, equaled or exceeded 25 percent of its market value at the time of each flood.If your community determines that your home or business is damaged by flood to the point that repairs will cost 50 percent or more of the building's pre-damage market value.Below are the definitions to learn more about those terms: If you receive a declaration from your local floodplain administrator that your home is substantially or repetititvely damaged, you may file a claim for your Increased Cost of Compliance (ICC)coverage. When to File an Increased Cost of Compliance Claim It involves making a building watertight through a combination of adjustments or additions of features to the building that reduces the potential for flood damage. This option is available primarily for non-residential buildings. This moves your home or business out of harm's way.
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