Any NJ residents ?

[cb4409]

We're looking into possibly moving to OC Nj (or maybe even Little Egg Harbor) in the next few months, but recently were warned about flood insurance costs about to skyrocket. Is anyone a resident in that area with any information about this? It would only be for the next 3-4 years, but we're considering OC to then keep as a rental property, but definitely cannot afford a premium of $10K +. Is this a legitimate concern?

[mbcdefg]

I know we have a few Jersey girls here, but I don't know if anyone is from that area. I'm up near Newark, myself. Sorry I can't be of help

[Deleted]

www.ocnj.us/Flood-Smart-Program/

If you take the total premium and divide by the number of those enrolled, it works out to be like $600 and change/year for flood insurance.

[mushmouse]

The cost is always going to depend on a the specific zone the property is in. Like there won't be one price for the entire county or for all of little egg harbor. Two houses on the same block could be in different 'zones' because of their locations and elevations. And what I learned recently - if the property is raised the flood insurance goes way back down.

[sunnydays]

It's my understanding that the 10k premiums are if you are in a flood zone and have NOT lifted your home above the areas flood level. Each neighborhood has different heights. But to the previous posters point, if your home is high enough then flood insurance is a few hundred dollars a year.

[cb4409]

Thank you so much, very helpful information!

[Deleted]

Jul 11, 2014 13:28:22 GMT -5 mushmouse said:

The cost is always going to depend on a the specific zone the property is in. Like there won't be one price for the entire county or for all of little egg harbor. Two houses on the same block could be in different 'zones' because of their locations and elevations. And what I learned recently - if the property is raised the flood insurance goes way back down.

Well OCNJ is isolated to one barrier island and it is basically all the same elevation.

Little Egg Harbor is another story.

[mushmouse]

Jul 11, 2014 13:52:46 GMT -5 @mrsspunky said:

Jul 11, 2014 13:28:22 GMT -5 mushmouse said:

The cost is always going to depend on a the specific zone the property is in. Like there won't be one price for the entire county or for all of little egg harbor. Two houses on the same block could be in different 'zones' because of their locations and elevations. And what I learned recently - if the property is raised the flood insurance goes way back down.

Well OCNJ is isolated to one barrier island and it is basically all the same elevation.

Little Egg Harbor is another story.

Sorry I didn't realize it was!  I'm in Monmouth and my house is in a different zone than the other houses around me.  How is it possible for everyone on a barrier island to be paying $600 a year for flood insurance?  I'm not demanding or expecting an answer, I'm just in shock!!

[Deleted]

Jul 11, 2014 13:56:54 GMT -5 mushmouse said:

Jul 11, 2014 13:52:46 GMT -5 @mrsspunky said:

Well OCNJ is isolated to one barrier island and it is basically all the same elevation.

Little Egg Harbor is another story.

Sorry I didn't realize it was!  I'm in Monmouth and my house is in a different zone than the other houses around me.  How is it possible for everyone on a barrier island to be paying $600 a year for flood insurance?  I'm not demanding or expecting an answer, I'm just in shock!!

I would think it has to do with the community rating for the insurance itself. Plus, not all homes in the area are the same age, size, etc. A house that is $500k is going to have a different replacement value, and thus different insurance cost, than one that is $2MM.

From what I can see, the entire island is either an A7 rating or a V11 rating. The V11 rating is for the beachfront and first few blocks, it appears. The bay side is more likely to be the A7 rating.