Flood Insurance and the LBI NJ Real Estate Sales Market
Click here to search all homes for sale in the Long Beach Island NJ real estate market
FIRM Flood Maps and Flood Insurance in the Long Beach Island NJ Real Estate Sales Market 
FIRM Flood Maps and Flood Insurance in the Long Beach Island NJ Real Estate Sales Market 
FIRM Flood Maps and Flood Insurance in the Long Beach Island NJ Real Estate Sales Market
Long Beach Island Real Estate
The FIRM flood maps are essential for the Long Beach Island NJ real estate sales market. These maps help determine what areas are in a flood zone and which areas require flood insurance and impact the cost of flood insurance. If you are looking to buy or sell a home on Long Beach Island, it is important to be familiar with these maps and understand how they impact the real estate market. This blog post will discuss FIRM flood maps and their role in the Long Beach Island NJ real estate market. We will also provide tips for buyers and sellers who are dealing with flooding issues.
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
FIRM Flood Maps and Flood Insurance in the Long Beach Island NJ Real Estate Sales Market
FIRM flood maps are created by the Federal Emergency Management Agency (FEMA). These maps show the areas that are at risk for flooding. They are used to determine which areas require flood insurance and help with disaster planning. The FIRM flood maps are updated every few years, so staying up-to-date on the latest information is important. When purchasing a home on Long Beach Island, FIRM Flood Maps play an important role. FIRM stands for “Flood Insurance Rate Map” and is basically a map that outlines the risks of flooding to specific properties based on data collected by FEMA (Federal Emergency Management Agency). FIRMs are updated periodically, but it takes some time to be enacted into law or regulation. FIRMs were last updated in 2014, with new standards going into effect at different dates over the next several years.
The FIRM Flood Maps are also important when looking at flood insurance. FIRM Flood Maps and Flood Insurance in the Long Beach Island NJ Real Estate Market FIRM flood maps and flood insurance on Long Beach Island play a critical role in property value. Homes located in Zone VE, or the Velocity Zone, have substantially higher instances of flooding than those found outside this zone. The FIRM map shows areas that have been mapped as high risk for flood damage with a “V” designation, while low-risk regions are designated with an “X” designation. FIRMs were last updated in 2014 but will not be effective until later, depending on where you live on LBI. If you are buying or selling a home on Long Beach Island NJ, it is important to be familiar with the FIRM flood maps. Here are some tips for buyers and sellers:
For buyers:
- Since all homes in the LBI real estate market are in a flood zone, make sure you understand how the FIRM map affects your purchase.
- Get quotes for flood insurance, and include the cost of premiums in your budget.
- Ask your LBI real estate agent about past flood events, especially from Hurricane Sandy in 2012.
For sellers:
- Disclose any information about flooding to potential buyers. This includes information about past floods and the existence of a FEMA letter or elevation certificate.
- Get quotes for flood insurance and be prepared to offer proof of coverage to potential buyers.
- Consider dropping your price if you live in an at-risk flood zone and want to sell your home quickly.
Flood Insurance and the LBI NJ Real Estate Sales Market
The FIRM map is essential for real estate buyers and sellers of Long Beach Island, NJ. Make sure you are familiar with the FIRM map and how it affects your property before buying or selling a home on Long Beach Island NJ! For more information about buying, selling or investing in the Long Beach Island 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
More LBI Real Estate Information:
How to Start Buying a Home in the LBI Real Estate Market