Hrricane Sandy and the Impact on Long Beach Island (LBI) Residents
Representatives from the National Association of REALTORS®, the Federal Emergency Management Agency (FEMA) the Department of Health (DOH), the New Jersey Department of Housing and Urban Development (HUD), the New Jersey Department of Environmental Protection (DEP), Department of Community Affairs (DCA), the New Jersey Department of Banking and Insurance (DOBI), the New Jersey Department of Housing and Mortgage Finance Agency (HMFA) and the Governor’s Office of Recovery and Rebuilding attended the REALTOR® Superstorm Sandy Information Session to provide resources, answer questions and put rumors to rest.
Much of the conversation and questions revolved around the two of the biggest points of contention which have arisen since Superstorm Sandy – the inevitable release of new flood maps and what that means for flood insurance.
Some key takeaways of the session:
- For those who suffered damage, make sure to apply for assistance to FEMA and/or the SBA by the May 1 deadline.
- The advisory base flood elevation (ABFE) maps have no implication on flood insurance premiums, but serve as guidance for homeowners who decide to rebuild immediately.
- The official Flood Insurance Rate Maps (FIRMs), which will have implications on flood insurance rates, are due to be released in summer 2014. They will go through a vetting and approval process – which could take up to 2 years – before they are formally adopted.
- One of the most common reasons for disaster assistance denial is incorrect paperwork. Contact a FEMA or SBA representative to find out why you were denied.
- Increased Cost of Compliance (ICC) funds – up to $30,000 to raise, relocate or demolish a structure - are only available to structures which a) have a flood insurance policy b) have been substantially damaged 50 percent or more of the assessed value of the structure.
- The maximum amount of flood insurance money available from the federal government per policy is $250,000. For example, if a homeowner accepts a flood insurance settlement of $240,000, they are only eligible for $10,000 of ICC money.
- As of Oct. 1, 2014, flood insurance policies will no longer be able to be transferred upon the sale of a home.
For more information or with specific Superstorm Sandy questions, please contact the appropriate agency.