Raising a Home on The Jersey Shore in a Flood Zone

By
Real Estate Agent with Keller Williams Shore Properties 1005238

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

Karl Hess Keller Williams Ocean County

 

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 Licensed in New Jersey.  Keller Williams Shore Properties 

1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001

 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Wayne and Jean Marie Zuhl 03/25/2013 08:48 AM
Topic:
Real Estate General Information
Location:
New Jersey Ocean County
Groups:
Vacation and Second homes
Posts to Localism
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Bananatude
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Tags:
flood zones
raising a house

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Rainmaker
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Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Important information, Karl - thanks for posting!

Mar 25, 2013 08:46 AM #1
Rainmaker
576,231
Karl Hess
Keller Williams Shore Properties - Barnegat, NJ
on The Jersey Shore

Thanks for the comment Wayne.

Mar 25, 2013 09:27 PM #2
Rainmaker
1,261,311
Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Karl:

Very nice post with some great information. Hope you have a wonderful week. 

Mar 25, 2013 11:25 PM #3
Rainmaker
576,231
Karl Hess
Keller Williams Shore Properties - Barnegat, NJ
on The Jersey Shore

Thanks for the comment Alan.

Mar 27, 2013 09:13 PM #4
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Rainmaker
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Karl Hess

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