LBI Flood Insurance

Dated: 05/06/2014

Views: 1597

Hurricane Sandy and Flood Insurance on LBI

Flood insurance rates are based on the property’s elevation above Base Flood Elevation or BFE. Generally speaking, the higher a property is above BFE, the lower the rate will be (up to 3 feet above BFE). On the other side of the coin, the lower below base flood elevation, the higher the flood insurance cost will be for a property on LBI. Special conditions will also apply when rating flood insurance costs, such as if the property has a basement (and believe it or not there are homes on LBI that have basements!), the number of flood vents in the foundation, if the crawlspace is below the grade of the property, and most importantly, the flood zone in which the property is located. Flood zones on LBI generally fall into an “A” or a “V” category. Most of Long Beach Island lies in an “A” flood zone which generally sees lower rates and easier building restrictions (for example, a block foundation is permitted in an “A” zone). A “V” flood zone on LBI will see more stringent building requirements, and  generally a higher flood insurance rate. In order to be placed in a “V” zone, the property must be suspected of sustaining a direct wave impact of a 3 foot or higher wave. For this reason, “V” zones are generally limited to the oceanfront and certain bay front areas. 

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