LBI X Zones and Flood Insurance
Flood Insurance on LBI
LBI X zones and flood insurance on LBI are important concepts for any buyer or investor to understand on Long Beach Island. In the wake of the recent Hurricanes in Texas and Florida, we all have a raised awareness and interest in protecting homeowners and victims of flooding. This calls to mind flood insurance on Long Beach Island and the impact storms can have on the LBI real estate market. Particularly LBI X Zones and Flood Insurance should be considered and understood as this “safe” areas can still be exposed to significant damage.
One of the best things you can do to protect yourself is to have a property properly identified with regard to Special Flood Hazard Areas (SFHA’s), the areas that determine flood insurance ratings and premiums.
Beyond this, it is recommended that all potential buyers in the LBI real estate market pay attention to X Zones (0.02%) as well. X Zones typically have minimal risk of flooding. However, as we’ve seen following Harvey and other superstorms, many people who are in X Zones (who have never flooded before) end up sustaining tremendous damage even though they were not technically in high-risk areas. Most of the X zones on Long Beach Island are located close to the beach, areas that usually see little flooding, and buyers can be lured into a false sense of security and not have adequate protection.
Therefore it is recommended that any buyer in the LBI real estate market whose properties reside in X Zones reach out to their insurance agent to learn more about a Preferred Risk Policy and how that might help them in the event of extreme storms. This is of course true for any buyer in the LBI market to make sure you investment is as secure as possible.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | email@example.com
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