In 2008 a developer in North Dakota opted to spend an extra $2,000 to elevate a mixed business/condo structure 3 feet higher than the height required by the National Flood Insurance Program (i.e., he incorporated freeboard). “We realized the land was low-lying and we didn’t want to risk having the building flood,” he said. “Elevating would lead to a lot less problems down the road.”
And avoid problems it did. When the area flooded last year, his building was high and dry. He estimates that his $2,000 investment saved $100,000 in damages, and that considers only damages avoided in last year’s flood event; it does not include benefits during future events or the reduction in flood insurance premiums that come with exceeding minimum standards.
We’ll call this an all-around success.
Read more about the huge benefits of freeboard.