Building to the New Flood elevations in an A or V Zone on LBI New Jersey
Long Beach Island NJ and Hurricane Sandy and Flood Elevations in an A or V Zone on Long Beach Island NJ
In late October 2012 Hurricane Sandy made landfall on Long Beach Island NJ. For the first time in recent memory, residents on LBI had to contend not only with repairing the damage caused by Hurricane sandy but also understanding Flood Elevations in an A or V Zone on Long Beach Island NJ and making sure that when rebuilding, these new codes were adhered to. The good news is, Long Beach Island has made a remarkable recovery with the vast majority of homes and businesses being open for the Summer 2013 season. For those who elected to build a new home, it is very important to understand the proper flood elevations and how rebuilding to different heights will not only impact the future safety of the home but also their flood insurance rates.
Rebuilding in a V Zone on Long Beach Island NJ
A “V” flood zone is considered to be an area of higher risk. Therefore, flood insurance rates tend to be higher in a V zone as compared to an A zone. Likewise, there are building restrictions and additional methods that are recommended to safeguard the house. It is very important to understand New Construction in a V Zone on Long Beach Island NJ but in short homes but be built higher, with breakaway walls and, to achieve the best rate, built without enclosures below the structure. When building in an A or a V zone, both FEMA and the towns have established a minimum required height, often known as the BFE (Base Flood Elevation) however building higher than the BFE will lower both the flood insurance premium on LBI as well as future flood risk in general. A helpful example is offered by FEMA’s to demonstrate how by building higher, the flood insurance rate (premium) on Long Beach Island will drop significantly
- A single story home built on wood pilings in a VE flood zone built to BFE (base flood elevation) would have a monthly premium of roughly $878/ month.
- A single story home built on wood pilings in a VE flood zone built 3 feet ABOVE BFE (base flood elevation) would have an estimated monthly premium of only $315/ month!
This is a savings of almost $6,800/ year on flood insurance on Long Beach Island NJ!
Rebuilding in an A Zone on Long Beach Island NJ
Rebuilding in an A Zone on Long Beach Island NJ after Hurricane Sandy offers a very similar situation as building in a V zone however it is important to note that flood insurance rates are generally less expensive and building codes are more relaxed. Using the same scenario as above, FEMA’s estimates are as follows:
- A single story home built on wood pilings in a A flood zone built to the current BFE (base flood elevation) would have an estimated monthly premium of $143/ month!
- A single story home built on wood pilings in a VE flood zone built 3 feet ABOVE BFE (base flood elevation) would have an estimated monthly premium of only $46/ month!
Can You Afford to Build Higher? Can You Afford NOT to??
The above example is offered as only one of many scenarios that could take place when determining the actual flood insurance rate on Long Beach Island NJ . It is important to consult with a licensed insurance agent to understand your specific situation. A few questions you should have answered are:
- What is my current flood zone on Long Beach Island NJ?
- How high does my town require me to build?
- How close as I to a high-risk flood zone?
- How might flood insurance risks change in the future?
- How much will flood insurance cost?
As the damage caused by Hurricane Sandy becomes memory, we must now deal with the new normal and flood insurance plays a major role in this. The LBI real estate market is directly impacted by not only the actual cost of flood insurance, but also the public’s perception of how flood insurance rates on Long Beach Island will impact the LBI real estate market. If you are considering buying or selling in the LBI real estate market, you must have an understanding of Flood Elevations in an A or V Zone on Long Beach Island NJ as this can be a major (or minor depending on the structure) cost. Feel free to contact me, Nathan Colmer, with any questions and I will be happy to help!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org