This means that a flood has damaged your property, and the damage exceeds more than 50% of your property's assessed value. Your local assessor sets the assessed value and you pay taxes based on this value every year. The damage amount is based on local values of replacement. These are set values based on nationwide building valuations. Materials and labor are included even If you do the work yourself.
This also means that you cannot move back into your property until it is brought into compliance with our building codes and meets floodplain regulations. This could mean elevation, floodproofing, relocation, or demolition. If substantially damaged by flooding events, up to $30,000 may be available to assist you from a rider on your flood insurance policy. This rider does not apply to damage from other means (fire, wind, etc). Because flood insurance does not cover damage from fire, wind, etc.