Flood Insurance Coverage on Long Beach Island
LBI NJ Real Estate
When buying a home in the LBI real estate market, flood insurance is a topic that comes up very frequently. Since Hurricane Sandy, flooding and the cost of flood insurance are in the forefront of nearly every buyer and seller’s mind on Long Beach Island. While it is extremely important to understand how a flood insurance policy is rated and what areas of Long Beach Island are more or less prone to flooding, it is also important to understand what is covered by flood insurance. Long Beach Island flood insurance coverage limits are an essential step to protecting your investment in the LBI real estate market.
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
Long Beach Island Flood Insurance Coverage
Generally, flood insurance policies will cover physical damage to the property and your personal belongings. It is important to speak with your flood insurance agent before, during, and after buying a home on Long Beach Island to ensure your coverage limits are appropriate. The flood insurance coverage is generally broken down as follows:
- Structural including; the buildings foundation, electrical systems, plumbing systems
- Mechanicals such as air conditioners, furnaces, water heaters and elevator equipment
- Major appliances
- Flooring, walls, trim, and debris removal
- Personal property is also covered under the following conditions:
- Personal belongings such as clothing, furniture, and electronics
- Small kitchen appliances
- Valuable items up to certain limits
It is important to understand what is not covered under flood insurance on Long Beach Island. Generally speaking, damage caused by homeowner neglect will not be covered nor will living expenses. However, this can vary depending on the situation. Most importantly, homeowners must realize the items that are below base flood elevation are generally not covered. This is especially true of homes with garages on the ground floor where items may be stored. In most cases, the belongings stored in a ground level garage will not be covered if the garage is attached to the house. With that said, if there is a shed or detached garage these belongings may in fact be covered.
Flood Insurance and the Long Beach Island New Jersey Real Estate Market
As I mentioned above, it is important to discuss the specifics of any flood insurance policy with a licensed agent. I, as a real estate agent, can only provide general advice on flood insurance. However, I can help with advice on areas that are more or less prone to flooding in the LBI real estate market. When buying a home in Long Beach Island it is essential to understand both the unique dynamics of the area and the coverage that is provided by flood insurance. For more information about Long Beach Island flood insurance coverage or about buying a home in the LBI real estate market, 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
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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