Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Learn about elevation certificates, flood insurance and Long Beach Island NJ. Flood insurance can have a major impact on the LBI NJ real estate market. Understanding elevation certificates and flood insurance can help you when buying or selling on Long Beach Island.
An elevation certificate is a legal document drafted by a licensed survey firm or engineering company, which in the simplest explanation, gives you the elevation of a specific property. There are several important points to consider on Elevation Certificates on Long Beach Island, New Jersey. They are:
This type of information helps to determine the flood insurance premium. Flood insurance is based on the elevation of the first floor, so this is the principal, but not the only component. In order to obtain Elevation Certificates on Long Beach Island, New Jersey, a homeowner or prospective buyer must contact a survey firm, pay the required fee, and schedule a time for the firm to perform their field work. The certificate itself consists of several pages and photos, which note the elevations of the property and the house at different points, as well as cover any other factors (for example the number and style of flood vents) which may impact the flood insurance rate.
This information, and more like it, help to determine the flood insurance premium. Flood insurance is based on the elevation of the first floor so this is the principal, however not the only, component. In order to obtain Elevation Certificates on Long Beach Island New Jersey a homeowner or prospective buyer must contact a survey firm, pay the required fee and schedule a time for the firm to perform their field work. The certificate itself consists of several pages and photos which note the elevations of the property and the house at different points as well as cover any other factors (for example the number and style of flood vents) which may impact the flood insurance rate.
While elevation will be the standard for determining flood insurance rates on LBI NJ, there are exceptions to the rule. If, for example, you own or are looking to purchase a 1950’s era Cape Cod style house on Long Beach Island that is at the original elevation, the house is most likely being quoted at a Pre-FIRM rate. FIRM is an acronym for Flood Insurance Rate Map and homes built prior to FIRM dating, which occurred in the 1970’s and created a singular rating system for this style of house. Now, once the entirety of the Biggert Waters act goes into effect, homes will be based on their actual elevation (which is why Elevation Certificates on Long Beach Island New Jersey are so important). Some homeowners will see a major increase in their insurance if their house is located in a V zone and is far below the base flood elevation however some homeowners will be pleasantly surprised to find that their rate may actually DECREASE as their current elevation is better than the FIRM rate.
The real estate market on Long Beach Island New Jersey has had a long relationship with flood elevation certificates. Apart from a mortgage requiring flood insurance (thereby requiring Elevation Certificates on Long Beach Island New Jersey) most of the towns on LBI require an elevation certificate prior to releasing the Certificate of Occupancy (CO). Therefore, it is rather customary for the buyer in a real estate transaction on LBI to have Elevation Certificates on Long Beach Island New Jersey. Now, with flood insurance on everyone’s mind, it is more helpful than ever to understand what the elevation certificate means and what impact, if any, it will have on the amount of flood insurance paid. This is even more important when considering a Pre-FIRM home on Long Beach Island.