Long Beach Island Real Estate Flood Insurance

Long Beach Island Real Estate Flood Insurance



 

 

 

Flood Insurance and the LBI Real Estate Market

Long Beach Island Real Estate Market Flood Insurance

When looking to buy a home in the LBI real estate market it is important to understand how flood insurance plays a role. Just a few inches of flood water from a storm or even a high tide can cause thousands of dollars worth of damage to your home. The good news is flood insurance provides adequate protection against this unexpected cost, and for the majority of homes on Long Beach Island, is very affordable. Different types of flood insurance are available to homeowners, tenets, and the owners of condos, as well as an entire condominium complex. The cost of flood insurance will depend on the unique characteristics of a home, but generally is determined by the elevation above sea level and the compliance with current building regulations. Protecting your Long Beach Island real estate investment with flood insurance is not only recommended, but required for homeowners who carry a mortgage.

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


Long Beach Island Real Estate Flood Insurance

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. Flood policies can be either public through FEMA or in some cases, private. 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. Many homeowners have finished off all or part of their garage to extend their living space. Unless this is above base flood and built to code, there is a good chance that none of that space will be covered.

Buying and Selling in the Long Beach Island 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. If you have any questions about Long Beach Island Real Estate Flood Insurance or 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

www.BuyLBI.com

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

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