Flood Insurance Costs in the Long Beach Island NJ Real Estate Market
LBI Real Estate Flood Insurance 
LBI Real Estate Flood Insurance 
LBI Real Estate Flood Insurance
Long Beach Island Real Estate Flood Insurance
An unfortunate side effect of living on a barrier island is dealing with flooding. While LBI has shown fantastic resilience against flooding, it can and does happen from time to time. The good news is flood insurance provides adequate safeguards against the cost of repairing flood damage, and it is readily available. Furthermore,for the majority of homes on Long Beach Island, is very affordable. Currently, there are both Federal policies though FEMA and private flood policies. The cost of flood insurance will depend on the individual aspects of a home but generally is determined by the elevation above sea level and the compliance with current building ordinances. Protecting your Long Beach Island real estate investment with flood insurance is not only recommended but required for homeowners who have a mortgage.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
LBI Real Estate Flood Insurance
An elevation certificate is required to rate a home and determine the cost of flood insurance. An elevation certificate will provide crucial information, such as:
- The elevation of the first floor above sea level
- The flood zone (V, VE, A, AE, AO, or X)
- The total number of flood openings (vents)
- The grade of the crawlspace and the surrounding areas
The data points will be used to determine the risk level and cost of flood insurance. For most homes that elevated homes, the annual cost of insurance will be less than $1,000. Even homes that are not raised are generally in the $2,500-$3,500/year range. Keep in mind that you do need an elevation certificate to determine the actual cost of insurance, as every home is different. For most, protecting your home with flood insurance in the LBI real estate market is very affordable.
Buying in the Long Beach Island Real Estate Market
Ownership costs are often overlooked when purchasing a home in the LBI real estate market. Understanding flood insurance is essential for buyers so they can accurately determine what the actual cost of ownership will be. While most flood insurance policies are very affordable, some situations can create a high cost of insurance. Buyers should understand the cost of flood insurance for any home before making an offer. For more information about flooding and protecting your Long Beach Island New Jersey real estate investment with flood insurance, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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