Learn about Hurricane Sandy, flood insurance and Long Beach Island. Hurricane Sandy had a major impact on flood insurance rates and the LBI NJ real estate market. To understand flood insurance on Long Beach Island is to better understand the LBI real estate market.
The answer is Yes! You can still obtain both flood and homeowners insurance on LBI after Hurricane Sandy. Insurance is required for homes that have a mortgage and since many homes that are purchased in the LBI real estate market have a mortgage, it is essential that insurance policies are written to help the LBI real estate market move forward. What has changed (before Hurricane Sandy) is how policies are rated and priced.
Flood insurance is still being written on LBI after Hurricane Sandy. Flood insurance is a product of the federal government and the rates are therefore subsidized by the federal government. There are a few things to keep in mind when looking to buy flood insurance on LBI:
Pricing for flood insurance is now based primary on the elevation of a property above sea level. Elevation is calculated by adding together the natural ground elevation (most of LBI is about 2-5 feet above sea level on the bayside and 4-10 feet above sea level on the oceanside) and the elevation of the structure. The majority of Long Beach Island has been zoned in the "A" flood zone with an elevation of 8 feet above sea level. By adding the ground elevation and the structures elevation (most Cape Cods are about 2-4 feet high) it is easy to see that many homes on LBI are already at their Base Flood Elevation (BFE) and will not pay astronomical flood insurance rates. Additionally, rates are influenced by the number of flood vents a property has and the elevation of the grade.
Homeowners insurance is required for all homeowners who have a mortgage on their property and you can still purchase homeowners insurance on LBI after Hurricane Sandy. There are a few important things to keep in mind when looking at Homeowners Insurance on Long Beach Island After Hurricane Sandy:
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