LBI New Jersey Real Estate Flood Insurance
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Flood Insurance in the Long Beach Island Real Estate 
Flood Insurance in the Long Beach Island Real Estate 
Flood Insurance in the Long Beach Island Real Estate
Long Beach Island Real Estate
The Federal Emergency Management Agency (FEMA) required that flood plain maps be developed for Long Beach Island, New Jersey. These maps show flood zones with the predicted flood elevations, which could be reached or exceeded during 100 years. Most buyers will obtain a flood elevation certificate from a survey company to obtain a current flood insurance cost. This certificate will certify the current ground elevation and any special conditions that will impact the flood premium on Long Beach Island. This document, along with an overall assessment of the property, will determine the cost of flood insurance in the LBI NJ 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
Flood Insurance in the Long Beach Island Real Estate
Since flood insurance does cost money, it is a factor that must be considered when looking to invest in real estate on LBI. If you purchase a property with a mortgage, you must obtain flood insurance. If there is no mortgage on the home, flood insurance is left to the homeowner to decide if it is worth the added expense. Typically, the current owner will have (or will obtain) a Flood Elevation Certificate, which details the height of the home in relation to the Base Flood Elevation (BFE). Ultimately the flood elevation will determine the cost of flood insurance. Homes higher than the base flood elevation will typically enjoy lower flood insurance premiums due to far less risk of flood damage.
While most Long Beach Island is within an “A” flood zone, which tends to see lower rates and less complex building restrictions, a few “V” flood zones on the Island have much stricter building requirements higher rates. These areas are mostly found on the oceanfront and bayfront properties. If you do not do your homework before making an LBI real estate purchase, it could prove to be a very costly mistake.
LBI New Jersey Real Estate Flood Insurance
In closing, please remember that every property is different, so please consult with an insurance agent to understand the “current” flood insurance premium for a specific property- I can align you with local reputable survey companies and insurance providers. All buyers in the LBI real estate market should understand how flood insurance works and how it will impact their purchase on Long Beach Island. 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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