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When Hurricane Sandy made landfall at the end of October 2012, the storm caused major damage to Beach Haven West. Many homes were flooded which for the first time in many years, called into action flood insurance. Homeowners had to wrestle with flood insurance companies to obtain payments for reconstruction and remediation. With new flood maps in homes and changes made to the national flood insurance program, many homeowners, buyers, and sellers have been wondering how to determine the cost of flood insurance in Beach Haven West. The good news is, flood insurance rates are fairly standardized and determining these rates follow a specific set of rules.
Flood insurance is determined by a few factors. The most influential of which are:
The flood zones most commonly seen in Beach Haven West are the A and the V flood zone. While most of Beach Haven West is located in the A flood zone, the homes located in the V flood zone have to contend with a more detrimental impact. Homes located in the V flood zone will typically have a higher cost of insurance and more restrictive billing guidelines.
The elevation above sea level is the most common issue homes in Beach Haven West have had to deal with. Many homes built in Beach Haven West were small Cape Cod or single level ranches homes. Typically these homes had a very low foundation or were built on a slab. Now, with the new flood guidelines in place, many of these homes find themselves below base flood elevation which will increase their cost of insurance. It is important to point out that this is not a one-size-fits-all scenario. There are many homes that will see minimal increases in flood insurance costs, depending on their specific attributes. In addition newer homes will see very low flood insurance rates as they are built to the current guidelines.
The methods of construction also play an important role in determining the cost of flood insurance in Beach Haven West. Homes that lack or do not have a sufficient number of flood events will see an increase in the cost of insurance. Luckily, this is a relatively simple and in expensive fixed to make and cost savings can be tremendous.
In order to determine the cost of flood insurance in Beach Haven West, one needs an elevation certificate. An elevation certificate, which can be obtained from an engineer, is a document that outlines the specific criteria used to evaluate the risk level of a particular home. This criteria is factored into a predetermined set of rules which translates to flood insurance premium. Specifically, a flood elevation certificate will tell insurance company:
The methods of construction and their level of compliance to the guidelines established by the national flood insurance program
In order to obtain an elevation certificate, a homeowner, or a buyer, or any other interested parties may contact a qualified engineer who will conduct field work at the property and a assemble the elevation certificate. Once an elevation certificate has been obtained, and a reputable insurance company can give you a quote. The cost of insurance should be fairly universal, regardless of which agency you work with, as the race establishing flood insurance are set by the federal government.
Read the latest about flood zones in the Beach Haven West real estate market.
Find out why an elevation certificate is such an important part flood insurance.
Read the latest about flood insurance in the Beach Haven West real estate market.
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