Professional House Lifting - Serving all of New Jersey
Hurricane Sandy was the worst
disaster many New Jersey residents have seen in their lifetime. Now they are
stuck navigating the red tape that comes with cleaning up after the disaster.
For many the most difficult part has been deciding if house raising NJ is right
for their home, and if so, how to handle the process.
If you have been looking over the new FEMA flood maps and are
deciding whether or not to lift your Jersey Shore home, here is what you need
to know:
Your Base Flood Elevation
Base flood elevation is a height determined by FEMA that marks
the level of floodwater during a 100-year storm. The base flood elevation and
the actual elevation of your house play a vital role in determining your flood
insurance rates.
If You Are In A “V” Zone
A “V” zone on the FEMA flood maps indicates waterfront areas
that are at highest risk for flooding and, more importantly, which may be
subject to breaking waves of three feet or higher. Other zones can still be in
dangerous flood areas, but “V” ones are the worst.
What Happens If You Don’t Comply With The New Elevations
If
your home does not meet the new elevation standards put forth by FEMA, you will
pay more for flood insurance. The amount you pay could be significantly more if
you are well out of conformance. According to FEMA, a property
that’s four feet below the base flood elevation in a “V” zone could cost the
property owner about $31,000 a year for flood insurance. If you meet the new
standards that can drop all the way to $7,000 a year, and if you are two feet
higher it may be just $3,500 a year.
How To Pay For Lifting Your Home
If you are looking to do House Raising in NJ, you may run into budget issues that prevent you from pursuing
this important work. Thankfully, FEMA says the federal government can help through
low-interest loans from the U.S. Small Business Administration, FEMA grants and
Increased Cost of Compliance coverage from the National Flood Insurance
Program. All through sources of funding can provide up to $30,000 to help you
with your NJ house raising. You may even be eligible for FEMA grants to assist
with the cost.
If you got right to work raising your home and already did house
lifting, but did not raise high enough to meet the new standards, your only choices
are to raise some more or accept the financial loss. However, there is no need
to panic. Not complying with the new elevations doesn’t mean you can’t get aid
from FEMA in the future, it just means you should be prepared for higher
insurance premiums.
The
above items are just the start of a long, complicated road, but one it is
important to become familiar with. As the Jersey Shore continues to clean up
after Superstorm Sandy, homeowners will have to be proactive in educating
themselves about how and when to lift their homes.
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