![]() ![]() FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these New Jersey flood insurance maps to assess risk, set premiums and determine who is required to purchase flood insurance. NJ flood zone map The average cost for New Jersey flood insurance in these Low-risk areas is $595 per year. ![]() FEMA flood zone maps often take years to go into effect after the terrain was studied this gives the impression that the area is “more up to date” than it is. Our recent storms are facts that it can rain anywhere within New Jersey, and you should consider getting flood coverage so you are not uninsured when you need it most. FEMA admits that their flood maps only give an idea of part of the risk. Get A Quote Because of all these factors, it is difficult for property owners to know their true risk of flooding. If the area has been developed, there is likely more concrete, creating a barrier for land that, previously, might have absorbed the massive downpour. Many of these maps are over 40 years old. Are you willing to gamble away your financial future by forgoing flood insurance coverage? One more note on these low-risk flood zone maps. That $5K you get from the government? It comes as a loan, and you will need to pay it back. The average cost of damage to one’s property after a flood is $38,000+. 2 – The average amount of assistance that homeowners get Homeowners’ average amount of assistance after a flood when they do not have flood coverage is $5,000. If this doesn’t happen, then there won’t be assistance. NJ flooding 1 – The president of the United States must declare the flooding event a state of emergency. ![]() However, a few things must align for you to get government assistance. We often hear that people believe the government will help, which is true. Three-fourths of these properties were considered low to moderate risk. In Harris county, nearly 135,000 homes were damaged. Eighty percent of these individuals had water in their homes or building and didn’t have flood insurance coverage. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas. I ask you to consider the facts: 20 percent of all flooding events across our nation come in areas that are considered low risk. Some real estate and insurance agents may even say you don’t need it. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. If your home or business is in a flood zone, that is considered a flood-risk area. However, many of us only think about it when a big storm looms, or we have heard on the news that there is flooding forecasted or happening too close to our home. We believe most homeowners think about Flood insurance in New Jersey at some point, maybe before buying a home or during the closing process. Do I need flood insurance in New Jersey? It is important to have flood insurance coverage in New Jersey because our beloved state has seen a fair share of flooding, and there is likely more coming. Yet, don’t be too surprised if the answer is NO. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. Does my New Jersey homeowner insurance cover flooding? A typical New Jersey homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |