Understanding Homeowner’s Insurance and the LBI Real Estate Market
Long Beach Island Real Estate Homeowner’s Insurance 
Long Beach Island Real Estate Homeowner’s Insurance 
Long Beach Island Real Estate Homeowner’s Insurance
Long Beach Island Real Estate
While flood insurance is the most commonly discussed form of protection for both buyers and sellers in the LBI real estate market, in many cases, homeowner’s insurance will be the more significant expense! While it is true that flood insurance can be an expensive bill, the reality is that most homes on Long Beach Island meet or exceed the current base flood elevation requirements. For this reason, it is essential to understand Long Beach Island Real Estate Homeowner’s Insurance and how it can impact the short and long term ownership cost of a home on LBI. Three principal factors determine the cost of homeowner’s insurance in the Long Beach Island real estate market. They are:
- The location of your home
- The value of your home
- The condition of your home
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 Homeowner’s Insurance
Location plays a vital role in determining the cost of homeowners coverage on Long Beach Island. General determinants that will impact the rates are proximity to fire stations, fire hydrants, and police stations. While the crime rate is very low on Long Beach Island, small variations from town to town can affect homeowner’s insurance rates too. The second point to examine is the size of your home. Generally, a more extensive and newer style home will cost more to insure than an older Cape Cod style home. This is mainly due to the higher replacement cost of the home. Lastly, the condition of the house plays a meaningful role. The condition variable is especially true for older homes in the LBI real estate market. Some of these older homes may still utilize galvanized pipes, older wiring, or an older roof. Some homeowner’s insurance companies may have issues with functionally obsolete building materials leading to a higher cost of insurance or the inability to obtain coverage.
Buying in the Long Beach Island Real Estate Market
Buying a home in the LBI real estate market is a significant investment, and understanding your ownership costs can play a necessary role in this investment. Flood insurance and homeowners insurance are two factors which can impact the short and long term appreciation in the market. Understanding home insurance factors in the LBI real estate market is an essential first step to buying your dream home! 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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