Long Beach Island Real Estate
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Three Important Flood Insurance Facts 
Three Important Flood Insurance Facts 
Three Important Flood Insurance Facts
Flood Insurance and the Long Beach Island Real Estate Market
Long Beach Island is a barrier island and, as such, is at risk of flooding. Therefore flood insurance is strongly suggested if not required. Nowhere was the potential for flood damage more evident than during Hurricane Sandy. Now that many years have passed since that flood event, many buyers in the LBI real estate market have become lax or do not understand flood insurance. The truth is, flood insurance is one of the most critical topics in the Long Beach Island real estate market, and it can have a significant impact on the value of a home. Understanding this complex topic is an essential requirement for buyers in the LBI 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
Three Important Flood Insurance Facts
A standard flood insurance policy caps out at $250,000: This is important to know as the cost to rebuild a home on LBI is usually much higher than that. While additional insurance can often be purchased, that extra cost should be accounted for. Keep in mind the cost will vary and you will need an elevation certificate to determine the cost of the flood insurance policy.
Flood damage does not mean you get the maximum payout: This was an unfortunate misunderstanding for many homeowners on LBI after Hurricane Sandy. A flood does not mean that FEMA will pay you $250,000. Instead, the payout is equal to the replacement of the damage up to a specific limit.
Contents coverage is additional: A standard flood insurance policy does not include coverage separately. This must be purchased separately. It is essential to know what is and what is not covered by contents insurance as well. As an example, if a home is elevated on pilings and items are stored in the garage, they are typically not covered.
Flood Insurance and the Long Beach Island Real Estate Market
Flood insurance is beneficial, and in some cases, essential. It is part of owning a home on Long Beach Island, and buyers and sellers alike have to understand these policies. The cost of insurance can have a direct impact on the cost of ownership and the ability to sell a home in the LBI real estate market. Therefore, it is necessary to speak with an insurance agent to make sure you are adequately covered. 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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