Understanding Flood Insurance in the Beach Haven West Real Estate Market
Beach Haven West Real Estate and Flood Insurance
The national flood insurance program is designed to provide funding in the event of a disaster caused by flood. In recent years, the national flood insurance program has had several enormous payouts which has unfortunately created an insolvent government program. In 2012, a month before Hurricane Sandy, a reform program was passed by Congress to help eliminate the insolvency of the national flood insurance program. Unfortunately, this will lead to increases in the cost of flood insurance, so it is important to understand who will pay more for flood insurance in Beach Haven West.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
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Who Will Pay More For Flood Insurance in Beach Haven West
Since the national flood insurance program is a federal agency, flood insurance rules are regulated. Rate increases, and in some cases rate decreases, are determined by a specified of criteria that a surprisingly easy to understand and determine the cost of flood insurance. Determining who will pay more for flood insurance in Beach Haven West comes down to the specific property and its attributes. For example, homes are risk of seeing and increased cost of insurance if they have:
The first for elevation below base flood
- An insufficient number of flood vents
- The number of stories on a home
- The elevation of the crawlspace above or below grade
- A primary or secondary home
The most widely publicized metric to determine the cost of flood insurance is the first floor elevation and whether this first floor is above or below the new base flood elevations. While this is an important number, there are many other metrics that are used to determine the cost of insurance. For example, many people are unaware that the cost of a single-story home, for example a ranch style home, is significantly less than a two or three story dwelling. In addition, the use of the home determines the cost of insurance. Secondary homes or vacation properties will see a higher rate than if a property is occupied full-time. Individuals who are at a greater risk for increased insurance costs may find it beneficial to obtain a flood elevation certificate and see if there are ways that can limit the increases.
Beach Haven West Real Estate and Flood Insurance
Flood insurance plays an important role in the Beach Haven West real estate market. The cost of flood insurance can be very expensive, and in some cases can be very expensive. The overall cost of insurance program must be factored into a home buyers budget to ensure that they do not end up at the property cannot afford. Understanding who will pay more for flood insurance in Beach Haven West is and important component of any Beach Haven West real estate transaction. For more information about the Beach Haven West real estate market or flood insurance, contact the Beach Haven West Real Estate Group and we will respond right away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com