Ownership Costs in the LBI Real Estate Market
Ownership Information in the Long Beach Island Real Estate Market
When buying a home on Long Beach Island, the purchase price is only part of the equation. Ownership costs in the LBI real estate market—including property taxes, flood insurance, maintenance, utilities, and seasonal expenses—can significantly impact your budget and long-term investment. Whether you’re purchasing a vacation home, a rental property, or a year-round residence, understanding these costs upfront ensures smarter financial planning and helps you avoid surprises after closing.
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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!
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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Nathan Colmer
C: 609-290-4293 O: 609-492-1511 Email Me
I’m Nathan Colmer, and I’ve spent years living, working, and exploring every corner of Long Beach Island. My deep knowledge of LBI comes from hands-on experience—understanding the unique character of each town, the nuances of oceanfront and bayside properties, and the factors that drive this market. Whether it’s flood zones, elevation requirements, or rental income potential, I know what matters because I’ve helped countless clients navigate these details successfully. My goal is simple: to provide you with clear, honest guidance so you can make the best decision for your lifestyle and investment.
