Jason Jurik
Real Estate Agent In NJ

Super Storm Sandy -  NJ

Many years after the storm, many people living along the Jersey shore are still wrestling with the difficult decision of whether to rebuild and stay or move out. A lot of people got 4 feet of water and others lost even more. Damages totally more than $36 billion, 117 deaths, and 365,000 homes damaged or destroyed.

New Jerseyans have to navigate through a cumbersome maze of new rules, flood maps, elevations, flood insurance rates, disaster assistance and so on. Many homes along the New Jersey Shore face the problem of raising the structure to comply with the new FIRM's. But raising a house isn't cheap. It could cost up to $30,000 to raise, relocate or demolish a structure and are only available to structures that have a flood insurance policy and have been damaged 50 percent or more of the assessed value of the structure. Elevating a home can be easier said then done and things can go wrong.

Every town is different and engineers and contractors are coming to New Jersey to do work and a home owner should be careful hiring people. Check for contractor credentials with the State Department of Consumer Affairs newjersey.mylicense.com/verification

After one of the worst storms hit New Jersey, a reasonable inspection of the property should determine if there are any readily observable physical conditions affecting the property. Any damage from the storm should be asked of the owner and they should disclose anything they know.

Fema is redoing and readjusting the maps of areas along the coastline, which can alter the V-Zones, A-Zones and base flood elevations. Fema said it would take a year to complete these updates.

One of the major decisions will be knowing to rebuild or tear down a structure. Knowing theregulations to know how high they must now elevate their homes due to which zone they are in and in order to obtain affordable flood insurance is very important.

There are some programs like the RREM - Reconstruction, Rehabilitation, Elevation, and Mitigation to help with the rebuilding process under some circumstances.

FEMA - Federal Emergency Management Agency is the new standard for the state's building codes. There is no other type of database for a reference guide. FEMA realeased the ABFE maps (Advisory Base Flood Elevations) as a guidelines for homeowners who chose to rebuild immediately and are still updating maps. FIRM (Flood Insurance Rate Maps) may not depict the same flood zones and elevations as the ABFE maps.

FEMA phone number - (800)-621-3362
fema.gov/hurricane-sandy

The Flood Insurance Act of 2012 is impacting communities hardest hit by the storm at the worst time. It was a long time coming and Super Storm Sandy can't be totally blamed for this. A lot of the region had out of date maps close to 30 years old and no longer accurate representing flood risk.

The ABFE maps were meant to be purely advisory and meant as a preventive step for anyone looking to rebuild immediately after the storm. FEMA was concerned that a homeowner would rebuild their ruined homes to the existing specifications just to learn a few months later that the new flood elevations had been release, and the change would be impactful.

Flood and insurance rates are and will continue to be based off FIRMs.

Higher elevations equates to reduced risk and lower premiums so when reconstructing or raising homes in flood areas or near the shore line, one must look up current guidlines above flood elevations and to compensate. The rewards will be lower insurance premiums if done correctly.

FEMA uses a single-family home model and a $250,000 flood policy.
Insurance premium of $9,500 - built 4 feet below the base flood elevation (water rise in a storm)
Insurance premium of $1,410 - elevate the home to the base level
Insurance premium of $427 - go three feet higher then base level
Some new flood guidelines call for some houses to be elevated 10 feet or more.

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