Required by The Federal Emergency Management Agency (FEMA), plood plain maps have been developed for Long Beach Island, New Jersey. These maps show flood zones with the predicted flood elevations which could be reached or exceeded during a 100-year period.
If you are purchasing a property with a mortgage, you are required to obtain flood insurance. If there is no mortgage on the home, then flood insurance is left to the homeowner to decide if it is worth the added expense. Since flood insurance does cost money it is a factor that must be considered when looking to invest on real estate on LBI. Ultimately the flood elevation will determine the cost of flood insurance. Typically, the current owner will have (or will obtain) a Flood Elevation Certificate, which details the height of the home in relation to the Base Flood Elevation (BFE). Homes higher than the base flood elevation enjoy lower flood insurance premiums, due to being at a far less risk of flood damage.
To obtain a current cost of flood insurance it is required to obtain a flood elevation certificate from a survey company. This certificate will certify not only the current ground elevation but also any special conditions that will impact the flood premium on Long Beach Island.
If you do not do your homework before making an LBI real estate purchase, it could prove to be a very costly mistake. Now, while most of Long Beach Island is within an “A” flood zone, which tends to see lower rates and less complex building restrictions there are a few “V” flood zones on the island as well which have much stricter building requirements and higher rates. These areas are most found on the oceanfront and bayfront properties.
In closing – please remember that every single property is different so please consult with an insurance agent to understand what the “current” flood insurance premium will be for a specific property- I can align you with local reputable survey companies and insurance providers.