Long Beach Island Flood Insurance Rates

Dated: 09/16/2013

Views: 6080

Understanding Flood Insurance Rates on Long Beach Island

Flood Insurance

When Hurricane Sandy impacted Long Beach Island NJ, residents and those looking to buy or sell in the LBI real estate market were faced with a whole new set of questions that needed to be answered. First and foremost on everyone’s mind was how Flood Insurance Rates on Long Beach Island NJ would be impacted by the storm and the aftermath. Flood insurance is determined primarily by the elevation of the building above sea level. Additional factors are taken into consideration such as:

  • The flood zone of the property
  • The number of flood vents installed
  • The material used in the foundation
  • If the crawl space is below grade

Long Beach Island flood insurance rates are now designed to reflect the actual cost of flood insurance rather than a artificial rate. Still, most of Long Beach Island is surprisingly high above sea level and therefore, most homes will only be, at worst, 1-2 feet below sea level. This will make for very competitive flood insurance rates that are still affordable. Long Beach Island flood insurance rates will also have an impact on the LBI real estate market as buyers and sellers work to understand the new rates and the new rate maps. This can be of critical importance when looking to buy or sell in the LBI real estate market on Long Beach Island.  To understand more about Long Beach Island flood insurance rates please visit the link below:
http://www.buylbi.com/lbirealestate/flood-insurance-rates-on-long-beach-island-nj/

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