Jason Jurik
Real Estate Agent In NJ

Flood Insurance -  NJ

Homeowners policies cover no flood insurance.

Flood Zone X is the preferred flood zone (The zones that banks dont require flood insurance)

An elevation study can be done for about $300-400 because a lot of mortgage companies require flood insurance now.

One thing to remember is you can still get water in a basement and not be in a flood zone.
In the coming months, secondary homes will see the biggest increases in insurance premiums as opposed to primary homes.

A lot of people don't take contents insurance and just get basic flood insurance and that might be a big mistake. Many people have realized this unfortunetly after the storm and problems occured.

Regular flood insurance for a home will cover the basement washer/dryer, boiler, and water heater. If you have a finished basement, nothing more is covered in that basement unless you get content insurance.

The average deductible in a general flood policy is around $1000 but this may vary. Check with your insurance agent.

Somepeople dont realize that decks, walkways and things like jewerly are not covered by flood insurance.

Some insurance policies are grandfathered in, but new buyers are not eligible for the subsidized rates that will eventually be dissolved in time.

Sometimes you can re-think buying a house in a flood zone by a price reduction. If we can figure out how much the flood insurance premium would be per month and add that to the mortgage price, then we may be able to figure out a reasonable discounted price that will be affordable to put an offer in on a house.

V-Zone - High flood risk
A-Zone - Lower flood risk
X-Zone - Least flood risk

Zone V/VE: An area of high flood risk subject to inundation by the 1% annual-chance flood event with additional hazards due to storm-induced velocity wave action (a 3-foot or higher breaking wave).
Zone A/AE: An area of high flood risk subject to inundation by the 1% annual-chance flood event determined by detailed methods.
Zone AO: An area of high flood risk subject to inundation by 1% annual-chance shallow flooding where average depths are between one and three feet. Average flood depths derived from detailed hydraulic analyses are shown in this zone.
Shaded Zone X: Areas of moderate coastal flood risk outside the regulatory 1% annual chance flood up to the 0.2% annual chance flood level.

The 1-percent annual chance flood is also referred to as the base flood or 100-year flood. SFHAs are labeled as Zone A, Zone AO, Zone AH, Zones A1-A30, Zone AE, Zone A99, Zone AR, Zone AR/AE, Zone AR/AO, Zone AR/A1-A30, Zone AR/A, Zone V, Zone VE, and Zones V1-V30. Moderate flood hazard areas, labeled Zone B or Zone X (shaded) are also shown on the FIRM, and are the areas between the limits of the base flood and the 0.2-percent-annual-chance (or 500-year) flood. The areas of minimal flood hazard, which are the areas outside the SFHA and higher than the elevation of the 0.2-percent-annual-chance flood, are labeled Zone C or Zone X (unshaded).

If you don't know your zone
visit Region2Coastal.com to view an updated flood map

If you dont understand some terms like the difference between a 100 and 500 year flood go to:
Region2Coastal.com/additional-resources-1/glossary

Click here for additional flooding information on Super Storm Sandy

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