TeachMeFinance.com - explain Increased Cost of Compliance (ICC)
Increased Cost of Compliance (ICC) The term 'Increased Cost of Compliance (ICC)' as it applies to the area of flooding can be defined as 'Coverage for expenses a property owner must incur, above and beyond the cost to repair the physical damage the structure actually sustained from a flooding event, to comply with mitigation requirements of state or local floodplain management ordinances or laws. Acceptable mitigation measures are elevation, flood-proofing, relocation, demolition, or any combination thereof. '.
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