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Re: is it better to be condemed or unihabitable but salvageable?? Personally I would feel better with condemned. That means it has to be torn down and rebuilt. Salvageable gives me the heeby jeebies. Someone could miss something like mold in an area or a split in the foundation, etc. I'd be afraid of stuff happening down the road. I understand the same could happen with someone building the new place and making a mistake. But at least then there is no undiscovered mold type issue that could reveal iteself in 5 years. KWIM...
Re: is it better to be condemed or unihabitable but salvageable?? I think you'd have to consult your policy, but I don't recall anything in our flood policy (when i had one) that precluded me from building somewhere else. I would guess you have to use the $ toward rebuilding something/somewhere. But agian, you need to check with your policy or agent.
Re: is it better to be condemed or unihabitable but salvageable?? My sister works for an insurance company. This is how it works for the policies they have:
If you actually have flood insurance and your home is a total loss and has to be rebuilt...it has to be rebuilt on new property. So you can't actually rebuilt it on the same property. this is only for flood insurance.
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Re: is it better to be condemed or unihabitable but salvageable?? If your house gets condemned then you have to get a CofO (Certificate of Occupancy) to actually get able to go live there again. Which means the entire house must be reinspected by the township and they can make you do ANYTHING they want to "fix" it. I would probably not picked condemned but I don't know all the rules and how that works. Certainly there is someone you can call.
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