Jersey Shore Braces for New Flood Insurance Guidelines
While Jersey Shore residents continue to recover from Super Storm Sandy, many are waiting for the federal government’s expanded flood zone maps and the inevitable push for increases in building elevations along the Jersey Shore.
The Federal Emergency Management Agency (FEMA) was planning to revise flood-elevation rules in the Jersey Shore’s coastal zones sometime next year, but due to the extensive damage caused by the storm it will issue stricter advisory recommendations sometime this week.
The rules are expected to result in construction at much higher elevations along the Jersey Shore. FEMA is pushing the new regs because it’s concerned that rebuilding at current levels would be obsolete sometime next year.
FEMA will issue “Advisory Base Flood Elevations,” or BFEs, for New Jersey’s coastal counties this week.
The FEMA recommendations are also not law. Towns still must put any new height or building requirements into local ordinances.
However, failure to follow FEMA guidelines can affect the flood insurance ratings for the town along with the price and availability of federal flood insurance.
Following what FEMA wants can lower premiums and possibly even result in more storm-reconstruction money.
These new Base Flood Elevations will have a significant impact on older waterfront homes in Little Egg Harbor, Tuckerton, Long Beach Island and Manahawkin which were built on ground level.
Needless to say, this will inevitably affect the housing market for older Jersey Shore homes.
If you'd like information about homes at the Jersey Shore, contact Little Egg Harbor REALTOR® Laura Giannotta 609-384-6121.