The Basics of Flood Insurance and Buying a Long Beach Island Home
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buying LBI Real Estate in a Flood Zone 
Buying LBI Real Estate in a Flood Zone 
Buying LBI Real Estate in a Flood Zone
Long Beach Island Real Estate
Long Beach Island is a barrier island off the southern coast of New Jersey. As such, homes on Long Beach Island are at risk of flooding. Buying LBI real estate in a flood zone is a part of daily life and something that all prospective purchasers and their agents should understand. Here we will cover some of the basics of flood insurance, flood zones, and information about buying a home in the LBI real estate market.
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
Buying LBI Real Estate in a Flood Zone
As a real estate agent, I am asked daily about flood insurance, flood risks, and the best investments to make in the LBI real estate market. Flood insurance is a very complex and lengthy topic (and I am happy to answer any questions you have). Still, for today we will be going over some of the basics and making some generalizations:
How frequent is flooding on Long Beach Island?
The good news is, Long Beach Island is a rather high barrier island. Therefore, flooding does not take place as often as one may think. When we have storms, very high tides, etc. flooding will occur, but it is usually limited to the streets. The bayside areas of Long Beach Island are at a higher risk of flooding thanks to the lower elevation of those areas.
What causes flooding on Long Beach Island?
Flooding most often occurs on the bayside areas on LBI. Water tends to back up in the bay either though the inlets or from the storm drains. Water then moves up on the Island, filling in the lower areas first. It is for this reason that knowing where the lower areas are is a crucial step to buying a home in the LBI real estate market.
How can I determine the risk of flooding and the cost?
All homes on Long Beach Island fall into a flood zone. Some zones, V zones, for example, are considered to be at greater risk and therefore have a higher cost of insurance. The best way to determine the risk of flooding is to investigate past flood damage and obtain an elevation certificate. The elevation certificate will have fundamental data points that may be used to determine the cost of insurance and how risky the home may be.
What can be done to limit the damage from flooding?
The best way to limit flood damage (at least for now) is to build higher. For some, this may mean elevating an existing home (although this makes no financial sense) and others it may mean constructing a new home. Building a new home in the LBI real estate market is perhaps the best investment you can make, so it is an excellent way to beat the market and limit the impact of flood damage.
What needs to be disclosed when selling a home on Long Beach Island?
All damage from flooding should be disclosed upfront. Additionally, whatever steps have been taken to repair that damage needs to be communicated to the buyer. Before listing a home for sale, it is advisable to obtain a flood elevation certificate so a seller can determine the cost of insurance and be proactive with a buyer’s concerns. When buying, ask the questions, and evaluate the answers accordingly.
The Basics of Flood Insurance and Buying a Long Beach Island Home
Flood insurance is an important variable to understand when buying a home in the Long Beach Island NJ real estate market. While there are far more details to cover, this will give you a basic understanding of flood insurance and the Long Beach Island real estate market. You can learn more by visiting this section of my website. If you have any questions about buying, selling or investing in the LBI real estate market, 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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