According to RiskFactor.com, 26% of Margate homes sit within a flood zone. Likewise, the same amount of Ventnor homes also sit within a flood zone. While that might scare some people away, others may consider it a risk worth taking to live in these beautiful communities. Since Hurricane Sandy, legislation now requires that buildings in flood-prone areas be built at least two feet higher than previously required. New homeowners must also purchase flood insurance. What should you know if you plan on buying a Jersey Shore home in one of these flood zones?
Flood Zones and the Jersey Shore Home Buyer
Find Out Where These Zones Are
First, check to see if the Jersey Shore home you wish to purchase lies within one of these zones. How? By plugging your address into the FEMA Flood Map Service Center for one. Also, New Jersey homeowners are required by law to disclose if their homes may be susceptible to flooding.
These Zones May Change
Because of climate change, flood zones may also change. For example, you may buy a home outside of one of these homes now. But that may change as sea levels rise and zones shift. Even new construction may impact where these zones lie in the future.
Flood Insurance
Unfortunately, regular homeowners insurance will not cover damage due to flooding from Mother Nature. Therefore, Jersey Shore homeowners must purchase a separate flood insurance policy. The costs vary depending on the size of your home and the amount of coverage you want.
I highly recommend doing some research into the possibility of flooding at any Jersey Shery home you are thinking about buying. Talk to the current homeowner as well as neighbors in the area to find out how they have handled any issues that have come up in regards to past flooding. Also, discuss coverage with your insurance broker right away. Then weigh the pros and cons to see whether this home is a good fit for you.
Sherri Lilienfeld, Apex Prime Realty, Your Source for Jersey Shore Real Estate