If you are thinking about buying a home in an "A" or "V" flood zone that has not be raised, you need to carefully consider your options; the necessity, or not, of flood insurance or whether or not you will need to "raise" the home.
A home in the FEMA advisory base flood elevation map "A" zones can generally use the existing foundation. Those in FEMA's "V" zones have to go higher and have to have a "tougher" foundation.
"A" flood zone are areas with a 1% annual chance of flooding and a 26% chance of flooding over the life of a 30-year mortgage.
"V" flood zones are coastal areas with a 1% or greater chance of flooding and an additional hazard associated with storm waves. These areas have a 26% chance of flooding over the life of a 30-year mortgage.
If you are going to 'raise' your house; there are four established home elevation companies in New Jersey, with a limited amount of machinery. So companies from farther south - primarily Louisiana and Florida - are coming up to fill in the gaps.
Currently, New Jersey requires home elevation companies to be certified as home elevation contractors. That's the first thing residents should look for when choosing a company.
Make sure an elevation company also meets the following criteria:
• Liability insurance policy.
• Riggers/cargo insurance, which protects the contents of the home during the raising process.
• Use unified jacking machinery. (If they don't, it may compromise the structural integrity)
• Ask for references.
• Ask if they've ever been sued for home elevation work.
Homeowners will need to hire an engineer to design the elevation plan, which then has to be approved by the township before work can begin.
Residents whose homes were more than 50 percent damaged by the storm can qualify for up to $30,000 for Increase Cost of Compensation (ICC) grants. They may also receive funds from federal Hazard Mitigation grants, if the municipality is selected to receive them.
For more information go to: http://www.state.nj.us/governor/news/news/552013/approved/20130124d.html
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