THE ULTIMATE LBI BUYER’S GUIDE
Everything You Need to Know About Buying a Home on Long Beach Island
Homeowners Insurance
Homeowners insurance costs on Long Beach Island vary based on coverage and the insurer’s financial strength. For a Cape Cod-style home, expect premiums of $1,500-$2,500, while larger homes with more amenities may range from $2,500-$3,500. Rates can differ depending on coverage limits, usage (rented homes usually cost more), and additional coverage like "wind" insurance for hurricanes. Condo buildings may have high coverage costs, making them potentially expensive. It’s essential to consult with an insurance agent to assess specific risks and coverage needs.
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Homeowners insurance has a wide range of prices depending on the amount of coverage and the financial strength of the company providing the insurance policy. As with flood insurance, it is best to speak with an insurance agent, as the specificity of a home's risk levels and the amount of coverage sought can create wide variations in the cost of insurance. Some rough numbers are $1,500-$2,500 for a Cape Cod and $2,500-$3,500 for a larger home with more amenities. However, these numbers can vary greatly depending on your coverage limits and the company providing the policy. Homeowner's insurance policies in the LBI real estate market can also vary depending on how the home is used. A home that is rented will usually see a higher rate than a second home will. Some companies mandate separate "wind" coverage (essentially for hurricanes) that may price differently than a simple homeowners insurance policy. Lastly, some condo buildings are seeing very high coverage expenses, which can be nearly cost-prohibitive to obtain!