Where 50% or more of the floor area of a nonconforming structure is demolished by fire, accident, vandalism, or act of God and the owner receives an insurance settlement in an amount equal to the fair market value of the demolished building or portion thereof, and where nonconforming buildings are voluntarily demolished, any future building on the site shall comply with the following. Lots with demolished residential dwelling units and accessory structures thereto may include the construction of a building within some or the entire footprint of the demolished building at the time of its demolition within 18 months of such. Lots bearing demolished commercial and other principal structures and structures accessory thereto shall be subject to all existing requirements of this chapter.