Increased Cost of Compliance

{
  "id": "MLC-T-INS-000121",
  "term": "Increased Cost of Compliance",
  "field": "Insurance and risk management",
  "definition": "Coverage for expenses that 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, floodproofing, relocation, demolition or any combination thereof.",
  "subject": "National Flood Insurance Program",
  "references": [
    "FloodSmart Flood Insurance Glossary",
    "FEMA Glossary"
  ],
  "url": "https://mlchart.com/terminology/insurance/increased-cost-of-compliance/"
}