If you are buying a flooded property, listed on the City of New Orleans web site at 52 % damaged, as the buyer, are you able to acquire the ICC funds?

I read that they are transferable. You will need to get a Flood Elevation done to show that the house is below the BFE

After weeks of phone calls and emails, I finally received confirmation from both AllState and Fidelity that NFIP (Nat'l Flood Ins. Program) ICC funds are transferable/assignable under certain circumstances.

To the best of my knowledge, the circumstances are as follows:

(1) If the Flood policy is paid and still in force.
(2) The Flood policy is transferred/assigned at the property closing (from the seller to buyer). Be sure to ask the sellers insurance agent for the specific requirements required by the insurance company to transfer-- each insurance company may have a different protocol even though ICC funds are paid by Fed'l Gov't. Many insurance agents may not be aware that ICC funds are assignable or know the protocol, so be prepared to go to the national insurance office for clarification.
(3) Total losses paid (Flood loss plus ICC funds) cannot exceed $250,000. So, a buyer cannot get ICC funds if seller had max NFIP payout. Also, a buyer's ICC funds may be limited if seller's flood proceeds were greater than $220,000.

It goes without saying that the subject property has to be eligible for ICC funds for anyone (buyer or seller) to receive ICC funds (i.e > 50% damage, below BFE & ability to prove this to insurer).

Lastly, for what it is worth, the question (i.e. are ICC funds tranferable) and a brief answer was in the TP's Money section this past Sunday.

I hope this helps!