Costs of Long Beach Island Real Estate Flood Insurance

Costs of Long Beach Island Real Estate Flood Insurance

Long Beach Island New Jersey Real Estate Flood Insurance Costs

Costs of Long Beach Island Real Estate Flood Insurance
Costs of Long Beach Island Real Estate Flood Insurance

LBI NJ Real Estate

Since Hurricane Sandy made landfall at the end of October 2012, flooding and the costs of Long Beach Island real estate flood insurance have been important topics for both buyers and sellers to understand. While Long Beach Island has made a miraculous recovery since Hurricane Sandy’s impact, many buyers and sellers still lack the understanding of costs of Long Beach Island flood insurance and need to be informed so they may make wise decisions.

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

Costs of Long Beach Island Real Estate Flood Insurance

A common question I am asked is about the cost of flood insurance for an elevated home. Many people falsely assume any home on pilings is going to have an affordable insurance rate. This is not always the case. To begin, it is helpful to understand what is used to determine the cost of flood insurance. In the interest of brevity, an elevation certificate is used to tell key metrics such as the elevation of the first floor above sea level, the flood zone, and the number of flood vent openings. Depending on the flood zone and the number of flood vents found in the foundation, elevated homes can have a surprisingly high cost of flood insurance in the Long Beach Island real estate market. For example, a home built in a V flood zone that lacks proper venting can see a 5 figure annual flood insurance rate. The simple addition of some flood vents can reduce the price of this flood insurance to less than $1000. While this example may seem extreme, it is surprisingly common to see.

Flood Insurance and the LBI NJ Real Estate Market

Overall, there are many factors that determine value in the Long Beach Island real estate market, flood insurance is only one of them. If all conditions are met, such as a home is elevated above the recommended base flood elevation, has the proper number of flood vents, along with other factors to consider, the cost of flood insurance in the Long Beach Island real estate market will be very low. It is important to understand these costs and what constitutes them before making an investment on Long Beach Island. For more information about the cost of flood insurance in the Long Beach Island real estate market or the overall health of home sales on LBI, please do not hesitate to contact me.

 

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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