Flood Insurance and the LBI NJ Real Estate Market
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.
Protecting your Long Beach Island Real Estate Investment with Flood Insurance
In order to obtain flood insurance in the Long Beach Island real estate market and be properly rated for a flood insurance policy, it is advisable to have an elevation certificate. An elevation certificate will provide key information such as:
- The elevation of the first floor above sea level
- The flood zone in which a home is located
- The number of flood vents
- The grade of the crawlspace and the surrounding areas
Each of these points of consideration, and the compliance of a home as to any or all of them, will greatly impact the cost of flood insurance. While it is impossible to make a generalization as there are so many unique characteristics to each property, the majority of flood insurance policies in the Long Beach Island real estate market are approximately $1000 per year. In fact, most home owner’s insurance policies far exceed the cost of flood insurance. While exceptions do apply, protecting your Long Beach Island real estate investment with flood insurance is surprisingly affordable!
Buying a home in the LBI real estate market is a major investment, and it is important for all buyers to thoroughly understand the costs associated with owning a home in the LBI real estate market. While most flood insurance policies are very affordable, there are exceptions that can create a nearly unsustainable cost of ownership. It is important to thoroughly investigate and understand each property before making an offer so you can anticipate these expenses. For more information about flooding and protecting your Long Beach Island New Jersey real estate investment with flood insurance, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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