Insuring Your Beach Front Property With Flood Insurance Increase
If you own a beachfront property in New Jersey, Delaware, or Virginia, brace yourself. Flood insurance is now based on zip codes, and the flood rates for vacation homes and beachfront properties are increasing drastically. Be thankful you settled on a beachfront property in New Jersey rather than a house in Florida. Many Florida homes are seeing more than a 300% increase in flood insurance rates.
Why Did My Waterfront Beach House’s Flood Insurance Go Up?
FEMA rolled out Risk Rating 2.0 flood coverage a few months ago after years of indicating they would. While we had forewarning and continual information around Risk Rating 2.0, the level of increase was a shock to many. Flood insurance rates skyrocketed, and now homeowners and people who own property at the beach are looking for options to keep their flood insurance low.
Keep Your Waterfront Property’s Flood Insurance Low
FEMA may have increased flood insurance rates in your vacation home’s zip code, but there must be something you can do. There are multiple ways you can keep yourself from having to spend large sums of money on flood insurance each year. Learn how you can save on flood insurance when certain areas are experiencing record high rates.
1. Get Private Flood Insurance For Your Vacation Home
Private flood insurance may be more affordable than flood insurance through FEMA. Some private flood insurance offers coverage options that FEMA does not provide, and mortgage companies have accepted private flood insurance more often. If you bought your beach house in New Jersey during the low interest rates that came about in 2021, you may have saved on interest rates but need flood insurance. Consider private flood insurance for your vacation home.
2. Get An Elevation Ticket For Your Waterfront Property
Elevation tickets can be expensive if you are located in Florida, but they are worth the investment. Of course, your waterfront property needs to be elevated in order to apply. Elevation tickets for beachfront or lakefront properties that are susceptible to flooding is a wise way to lower your flood insurance.
3. Sell Your Vacation Home
The housing market is strange right now, but selling a vacation home might be an effective way to save your money. Flood insurance for vacation homes in Florida or New Jersey may tip the scales on if owning the vacation property is worth it. By selling your vacation home you will pass the challenge of flood insurance on to the next owners.
Contact Strickler Insurance For Flood Insurance For Your Beachfront Home
Contact us for flood insurance, and homeowners insurance and more specifically secondary home insurance. We can save you money by bundling your packages together for a lower insurance quote. Learn more today.
