However, if you sell instead of rebuilding, the IRS may include part of the payout in your taxable gain unless reinvested under the §1033 involuntary conversion rules, which allow you to defer taxes by purchasing a similar property within two years.If the property was your primary residence, you may exclude up to $250K (single) or $500K (married) of gains if you lived there for at least 2 of the last 5 years, likely resulting in no taxes owed.

Just want to mention that sometimes it works out better to raze an existing property down to like 2 studs and rebuild around it so that it still is classified as a remodel versus a complete new build. 

But for most investors, recovering from that mistake may take some time to rebuild.

I do believe that our area will all bounce back much stronger than before and what would have taken at least the islands another 30-50 years to redevelop is now reduced down to likely a 7-15 year rebuilding period. 

.- Rebuilding Costs: Higher-value homes may have higher premiums due to more expensive repairs.What This Means for Homeowners- Fairer Premiums: Properties with lower risk may see lower premiums, while higher-risk properties may face increased costs.- Gradual Rate Increases: Increases are phased in over time for policyholders who see higher premiums, with annual caps on the rate hike.- More Predictable Rates: Rates better reflect the real risk rather than just being based on a flood zone map.Example Scenario (Simplified)- Old System: A house in a designated flood zone pays $1,000 annually, regardless of its elevation or distance from the water.- Risk Rating 2.0: That same house may now pay $1,200 if it's closer to the water and more vulnerable or $800 if it's higher up and better protected.Flood zones still matter under Risk Rating 2.0, but their role has changed. 

Although insurance may help rebuild your property, the community's recovery could take years or never fully happen.

You can't do anything without their permission and should rebuild it a few inches towards your property so it is entirely on your property and you avoid this problem in the future.If it were me, I would talk with my neighbor, "Hey, what do you think of this fence?"

Quote from @Account Closed: For someone rebuilding their real estate business and looking to transition into larger multifamily deals, what’s the most effective way to position yourself as a valuable partner in syndications—especially when capital is limited but market knowledge, deal-finding ability, and local expertise are strengths?

Even though landlord insurance rebuilds your property, that's not the main problem.

In the meantime, I’m exploring creative solutions to access the equity in my home while simultaneously rebuilding a credible and sustainable business.