Tips for Deducting Losses From a Disaster, Fire or Theft — Boris Benic CPA

March 29, 2016 If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss […]

via Tips for Deducting Losses From a Disaster, Fire or Theft — Boris Benic CPA

Victim of a disaster, fire or theft? You may be eligible for a tax deduction — McFadyen & Sumner’s ON THE MONEY

If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. A casualty loss doesn’t include […]

via Victim of a disaster, fire or theft? You may be eligible for a tax deduction — McFadyen & Sumner’s ON THE MONEY

Water Damage Restoration

When you need help with water damage (or fire, smoke or mold mitigation) the number one service provider we’ve used on numerous occasions is – SERVPRO.

This team of experts gets the job done right, limiting the extent of the damages “Like it never even happened.” They arrived quickly, knew what to do, and decreased our stress load as a result of it. If a house lift is not in your future, but flooding is – keep this company in mind.

If in metro New York, call (800) 967 – 6663. Tell them Robin sent you.

fire - water-mold cartoon

National number: 1 – 800 – SERVPRO

Houzz Completion

ALL GOOD THINGS MUST COME TO AN END – Fortunately, so do house renovation projects.

Just over a year ago this blog was initiated as a means to document our house elevation for flood mitigation project. It was also designed to assist anyone with similar flooding woes with some options and an accurate portrayal of all that is involved in an undertaking of this magnitude.

“Whatever good things we build end up building us.”

Jim Rhone

What makes this project – with its headaches, expenses, approvals from city, country and state officials, and occasional grief from some neighbors all worth it? When those big storms have come to town, we’ve been able to sleep and maintain only a casual interest in how much rain was falling.

Our era of flooding, repairing a damaged home and rebuilding again is over. Now that this project is complete, I’m off to another topic. I will be updating this site on a very limited basis. Thank you to everyone who took the time to explore this blog.

Robin

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New Landscape for a Lifted House

FINAL STEPS TO COMPLETION: The house project finally completed, the only thing left to do is fill in the landscape.

As the former landscape was completely destroyed during the process, we were starting with a clean slate. The front yard just after our house elevation project –

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Front yard prior to landscape

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AFTER: A few trips to some local nursery’s, viewing of other lifted homes, and a bit of research on the web and we made our decisions. Sod was an easy call as it goes in so fast and we only needed to cover a small area.

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New sod being rolled into place

THE VERY NEXT DAY: A storm whipped into town dropping a lot of rainfall. At first it was welcomed as a huge boost to our new sod, which needs to be watered – a lot – in the first few weeks. Mother nature came at just the right time. But the rain continued. It rained and rained. Flood warnings were issued. We sat snug in our newly lifted house. But our new sod did not fair so well …

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The sod was strew about due to minor flooding

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The high water mark …

The homes across the street suffered minor basement flooding, but the water never reached our house, just the front yard.

SUN SHINES AGAIN: 

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A few moths later and our yard was complete

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In the photo above note how the red maple plays off the red hue of the rocks; it’s height helps to  off-set the tall foundation. A cypress was added to the planting bed in the stair design to provide year round interest.

 

Private Insurance vs. FEMA

JULY 2014:  Flood insurance is a hot topic at the moment, the product is in flux. When the  Biggert-Waters Act was signed into law  in 2012, it was met with criticism and concern. This law set to remedy the long standing subsidized flood insurance rates that had subsequently bankrupted FEMA to the tune of 20 BILLION dollars.

PRIVATE INSURANCE VS. FEMA:  Home owners cried foul and pleaded for mercy as their rates were about to spiral out of control. Stepping in to combat the rate hikes was the introduction of private insurance, first in Florida and then spanning out across the country to include 15 states (as of this time).

Private insurance is written by Lloyd’s of London. Although they offer an alternative, with very competitive rates, my concern would be what happens if a catastrophic storm hits, àla Super Storm Sandy? If a private insurance company goes bankrupt – you could be out of luck in terms of receiving reimbursements. If FEMA backed insurance accumulates too many losses, they dig into the money bags of the USA government. Whose likely to run out of money first?

The entire goal of flood insurance, any insurance, is to make it self-sustaining. For that to happen, the rates must reflect the true risk involved.

PRESIDENT OBAMA SIGNS INTO LAW A FLOOD INSURANCE RELEIF ACT: In March of 2014, after much outcry from the constituents of flood weary states, the government backed down from it’s initial aggressive stance on curbing subsidized flood insurance rates. Essentially this law caps flood insurance premium rate hikes and passes on subsided rates to people buying homes in flood zones.

Flood insurance rates still need to be adjusted to better reflect the true risk of the home in a flood zone. Without it, people will continue to build, buy and live in a flood risk area, exposing the taxpayer to a significant burden. With the ever increasing rise in ocean levels, this is a real concern – for everybody. 

BEST SOLUTION  that I’m a big fan of: house elevation for flood mitigation. Your house is protected, your insurance rates drop dramatically, and you move from being a part of the problem to a part of the solution. Without a doubt, that is much easier said then done. Researchers, economists and lawmakers alike all favor this idea. The problem is implementing this expensive notion on a grand scale.

Just starting to rain ...

Just starting to rain …

A few hours later ... House across the street is deluged with flood water.

A few hours later …
House across the street is deluged with flood water.

If the above house were elevated, the only thing the home owner would need to do is move their car.

 

 

 

Top 5 Tips for Painting the Exterior of a House

Our house elevation project is almost complete. The next step is the exterior painting aspect. What do you need to know?  Top 5 tips for painting the exterior of a house:

1. TEMPERATURE: Ideally, exterior painting will take place when the temperatures are going to remain above 50 degrees, even at night. Otherwise you are likely to get peeling.

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Obviously too cold to paint

Once the temperatures warm up, you can tackle that exterior paint job. Below, our hand-made iron railing system finally gets painted.

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The same team who built our railing system, also painted it for us.

2. GET AT LEAST 3 BIDS: With three bids you’ll see what the fair market value is for the job. After our house elevation, the house is pretty high. How are they going to paint it safely? I didn’t want to have any surprises in terms of injuries or the price once the job began.

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A scaffolding system was required for our project

3. POWER WASH and PREP: The integrity and longevity of your paint job hinges on the preparation phase. Make certain you’re painters don’t skimp on this stage. Our house is made of cedar shingle, so it had to be handled a bit more delicately than other exterior finishes, or the shingles could break. The preparation is the most time-consuming part, but also vitally important. Cracks need to be filled, nail holes covered, etc. FloodSavvy.com

House gets a full power wash

The power wash rids the house of any dirt, mold or debris that may have built up over the years. Cedar shingle homes are susceptible to mold in areas that get little sunlight or excessive moisture.

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BEFORE: Mold build up over the years

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AFTER:   mold is gone.

As with any natural wood product, there is always going to be some variation in the color tone of the shingles. For a more homogenous look, shingles can be painted.

4. USE LATEX PAINT: Make sure the paint you choose is designed for exterior use and is latex based. Some paint companies may try to use oil-based paint for the trim, but this is an outdated practice. Following the adage of wine before beer – prime before paint. Both will provide for better results.

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BEFORE: Back porch post and deck railings

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AFTER: back porch and deck railings after power wash and fresh coat of paint

5. WATCH THE WEATHER: The exterior of your house will need to be dry before the paint can be applied AND after the house had been painted  the weather will ideally stay dry for at least a few days. If Mother Nature is taking requests, ask for sunny skies with no wind.

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Finished job

CEDAR SHINGLES: We opted not to paint the shingles. Over the next few years, the older shingles and the newer shingles will blend in tone. We left the shingles bare to allow for color change. We spruced-up the front door and the garage door, starting with a power wash and followed up with a stain to enhance the wood.

Now for some landscaping ….