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Flood Insurance NJ

Flood Insurance NJ

Does my New Jersey homeowner insurance cover flooding?

A typical New Jersey homeowners’ policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excludes flooding as something that will be covered under their homeowner’s policy.

In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy. However, you should ask your homeowners agent if you can add an endorsement to your homeowner’s policy to cover flooding. Yet, don’t be too surprised if the answer is NO.

Flooding maps

Do I need flood insurance in New Jersey?

It is important to have flood insurance coverage in New Jersey because our beloved Cowboy State has seen a fair share of flooding, and there is likely more coming.

Flood nerd Broken heartWe believe that most homeowners think about Flood insurance in New Jersey at some point, maybe before buying a home, or during the closing process.  However, many of us only think about it when a big storm is looming, or we have heard on the news that there is flooding forecasted or happening currently too close to our home.

If your home or business is in a flood zone, that is considered low flood risk area. Sadly, many homeowners decide to forgo purchasing coverage because they believe they are safe from flooding. Some real estate agents and some insurance agents may even say you don’t need it.

I ask you to consider the facts: 20-percent of all flooding events across our nation come in areas that are considered low risk. After our last few major storms (Hurricane Harvey), we saw flooding in these low-risk areas.  In 80 percent of these individuals, they had water in their home or building and didn’t have flood insurance coverage.

In Harris county, nearly 135,000 homes were damaged.  Three-fourths of these properties were considered low to moderate risk.

We hear often that people believe that the government will help, and this is true.  However, there are a few things that must align for you to get government assistance.

NJ flooding

Yes Please Shop for my flood Insurance

1 – The president of the United States must declare the flooding event a state of emergency.  If this doesn’t happen, then there won’t be assistance.

2 – The average amount of assistance that homeowners get after a flood, when they do not have flood coverage, is $5,000.  The average cost of damage to one’s property after a flood is $38,000+.  That $5K you get from the government?  It comes in the form of a loan and you will need to pay it back.  Are you willing to gamble away your financial future by forgoing flood insurance coverage?

https://www.bloomberg.com/graphics/2017-fema-faulty-flood-maps/

One more note on these low-risk flood zone maps. Many of these maps are over 40-years old. If the area has been developed, then there is likely more concrete, creating a barrier for land that previously, might have absorbed the massive downpour.

New flood insurance rates NJ

Because of all these factors, it is difficult for property owners to know their true risk of flooding. FEMA admits that their flood maps only give an idea for part of the risk. Our recent storms are facts that it can rain anywhere within New Jersey, and you should consider getting flood coverage, so you are not uninsured when you need it most.

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FEMA flood zone maps often take years to go into effect after the terrain was studied, this gives the impression that the area is “more up to date” then it really is.

NJ flooding map

NJ flood zone map

The average cost for New Jersey flood insurance in these Low-risk areas is $595 per year.

FEMA’s National Flood Insurance Program (NFIP) and all federally backed lenders rely on these New Jersey flood insurance maps to assess risk, set premiums, and determine who is required to purchase flood insurance. Bad information about an areas flood risk can leave property owners under or uninsured.

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How much is flood insurance in New Jersey?

There are many options available in New Jersey regarding flood insurance, but they basically fall into two main categories. The Government policy also called the NFIP or FEMA and the private flood insurance market.

New Jersey NFIP flood insurance.

The National Flood Insurance Program (NFIP), also known as FEMA, which is the government option for flood insurance.  The NFIP has enjoyed a 50-state monopoly on the flood insurance market.

Not “private flood insurance” but NFIP Resellers

If you have Nationwide Flood Insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the of the logos below then you are buying the NFIP flood policy that is just being resold through a government program. These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.

https://www.fema.gov/wyo_company

Progressive Flood Insurance

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New Jersey private flood insurance market

 

Llloyds of London Flood Insurance ShopperThere are alternatives to the NFIP or government insurance.  It  is called Private flood insurance most notably Lloyds of London Flood insurance, however, there are other options available in New Jersey . We shop all the options for your property in your region to ensure you are getting the best premium.  If you are ready to have us do the work for you, please click here.

Our shopping does include the NFIP because sometimes we find that with government subsidies you can get a much better premium.

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Lloyds of London Flood Insurance New Jersey Market

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New Jersey is fortunate to have many Lloyds of London flood insurance options. Although many Lloyds flood insurance companies will have you assume that there is only one option, nothing could be further from the truth.

Lloyds of London has a rich history and is attributed to have invented the very first modern insurance model. Unlike most of its competition, Lloyds of London is not really a company but rather a corporate body.  This structure works quite well since it has been around for over 330 years. Lloyds operates under multiple financial backers that all pool their capital to spread the risk.

I have two blog posts that take a deep dive into Lloyds of London and what they mean to New Jersey ’s flood insurance market.  If you are interested, the links are below.

Lloyds of London Flood Insurance

FEMA vs Private Flood Insurance 

Yes Please Shop for my flood Insurance

Lloyds also insures the world for flood insurance, meaning they cover flooding events in India, Australia as well as much of Europe.  You see the “game” of insurance is to spread your risk since Lloyds is worldwide.

Lloyds of London Private Market Flood InsruanceMy joke here is that Lloyds is banking on Gods promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole worlds flood claim.

How much does flood insurance cost in New Jersey?

There are many factors that go into getting the cost of flood insurance for New Jersey. If your home is in what is considered low-to-moderate risk, you can get a heavily subsidized policy though the government.

New Jersey flood insurance low-to Moderate Risk rate and cost.
This is Flood Zone X, which is not lender required flood zone.

This is usually identified as an X-flood zone.  Then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see grid below):

$250K (Residental) /$500K (commercial) Building
NFIP Maximum Coverage Limits

Here a link if you want to really dig into this one. Be ready for an eye chart because every option is public record and should be standardized accost whoever writes these policies.

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How much is flood insurance in NJ

 

The average cost for flood insurance in New Jersey with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.

https://www.fema.gov/media-library-data/1523307331106-4cf9726b2eb04c3471a3e9d37a58fa6a/09_prp_508_apr2018.pdf

A flood zone and SHFA rate maps
FEMA High-risk Rates

If your property is in higher-risk flood zone, it is usually identified with a Flood Zone AE. Your lender will require you to have flood insurance. The cost of flood insurance in New Jersey depends on many factors that are unique to the structure. We are going to try to give you an idea for the most common homes we see in New Jersey with a basement foundation.

We will look at the New Jersey cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.

We will be rating this example on the NFIP, as well as on a few of our private flood insurance policies, specifically Lloyds flood insurance options in New Jersey.

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Cost of Flood Insurance in NEW JERSEY in high-risk flood zone AE

Our example is in Ocean City, but the premiums will be the same if in Atlantic City, Brigantine, Avalon, North Wildwood, Wildwood Crest, Hoboken, and many other New Jersey flood ones.

AE flood zone insurance NJ

In our example, the Base Flood Elevation (BFE is 10) and is a home that is built before 1973

What is BFE?
SHFA

NFIP option in New Jersey Flood Zone AE

 

NFIP – Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

NFIP Annual premium in High-Risk flood zone is $3,824.00

 

This option is what we see if the property has had a flood loss before, and either doesn’t have an Elevation Certificate applied or the Elevation certificate showing that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property

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New Jersey Private flood insurance – Lloyds of London Flood Insurance (option 1)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 1) Annual premium in High-Risk flood zone is $ 868.75

 

This option is great, and we are very happy when we can get this option. They can be a bit choosey about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements, about $2,000 for loss of use, $2,000 for other structures, but they can’t increase this coverage. They do not require an Elevation Certificate to rate.

New Jersey Private flood insurance – Lloyds of London Flood Insurance (option 2)

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Lloyds of London (option 2)  Annual premium in High-Risk flood zone is $ 911.25

This option is great, and we are very happy when we can get this option for our clients as well. They seem to be writing almost all risks; however, they do not write any property that is in a designated floodway or has the depth of -4 under the BFE.  In our example, with our BFE being 10, if the lowest floor is 6, then they will not accept this risk.  They will not take anything that has had a flood loss. They do offer limited coverage for basements and do not require an Elevation Certificate to rate, and as a percentage of coverage for loss of use. If you want coverage for other structures, then that will need to be added.

 

Private Flood insurance option (option 3) Not Lloyds

Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible

Annual premium in High-Risk flood zone is $2,459.75

 

This option will take properties that have had one flood loss as long as it has been more than five years, and the payout was under $100,000 on the claim. Their coverage matches the NFIP.  They will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.

Yes Please Shop for my flood Insurance

Private Flood insurance –  Lloyds of London (option 4)

This option must be written on the Replacement Cost Value (RCV) of the building, otherwise there is a co-insurance penalty that kicks in. So, $250,000 might be a bit low in California, but to keep this going, let’s just use that for this option

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible

Annual premium in High-Risk flood zone is $718.20 (great price).

This options rating system is all over the board.  Sometimes we get a crazy great price, but other times the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $50,000 on the claim. Their preferred coverage is at replacement cost, which is a bit different from some of our other Lloyd’s flood options.  We usually reserve this one if the property doesn’t fit into any of our options above. We can adjust coverages to control premium. As mentioned before, this underwriters’ rates are all over the board.  It is worth shopping through to make sure we are getting you the best premium we can. They don’t need an elevation certificate to rate.

Flod Nerd vs private flood vs FEMA

Private Flood insurance –  Lloyds of London (option 5)

Coverage of $250,000 (RCV) building coverage, No Contents and $5,000 deductible.

Annual premium in High-Risk flood zone is $1,231.25

This option came out of the company that used to run the NFIP program, so the coverage almost exactly matches the NFIP coverage with two differences. They offer living expenses which will cover your cost, when you are displaced from your home during repairs (most Lloyds flood policies offer this).  They also offer swimming pool clean out, which is kind of unique so if you have a pool ask for this coverage.

Yes Please Shop for my flood Insurance

Private Flood insurance –  Lloyds of London (option 6)

Coverage of $250,000 (RCV) building coverage. No Contents and $5,000 deductible.

Annual premium in High-Risk flood zone is $516.04

This options rating system is also all over the board. Sometimes we get a crazy low price; other times the premium is way higher than the NFIP. They will consider taking a property that has had one flood loss before as long as it has been more than ten years and the payout was under $25,000 on the claim. They have been rumored to give a low price the first year and then non renew following years or sometimes they jack the price way up so we will watch them. They have a slick system, and their underwriting is managed by a 3rd party, which also seems to be a glitch sometimes.

There are more options coming online every day, and we are working to be looking into every viable option.

Flood Nerds Have fun
Lloyds of London Flood Insurance Jumping in

Currently, New Jersey has 224,541 NFIP policies in force to date with the total cost of $215,735,820.  That would make the average flood rate for New Jersey $961. Of course, some will pay more, and some will pay less.

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Flood Maps NJ

Hello, New Jersey!  Thanks for visiting our page for all your flood insurance needs.

Let’s start off with a group of areas that include Absecon, Galloway, and Hamilton, New Jersey, where the average flood rate is $854.  The premiums in these areas add up to $409,967 with 480 flood policies in effect.

Atlantic City, New Jersey is up next!  Atlantic City has 7,021 flood polices in force with $6,364,954 in written premium.  The average flood rate here is $907.

In Brigantine, New Jersey, we find an average flood rate of $646.  The premiums add up to $4,484,105 with 6,945 in active flood policies.

The average flood rate rises to $690 in Egg Harbor, New Jersey.  Egg Harbor has 791 flood policies in effect with $545,406 in premiums.

$849 is the average flood rate for Linwood, Mullica, and Pleasantville, New Jersey.  These areas have a combined premium total of $448,018 and 528 flood policies in force.

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Longport, New Jersey has 1,418 active flood policies with $1,363,476 in premiums.  The average flood rate for Longport is $962.

In Margate City, New Jersey, the premiums total $4,940,099 with 5,479 flood policies in effect.  Margate City has an average flood rate of $902.

925 is the total number of active policies in Somers Point, New Jersey.  The premiums here total $750,127 which allows the average flood rate to be $811.

The premiums add up to $3,982,089 in Ventnor, New JerseyVentnor has an average flood rate of $856 which includes 4,654 active flood policies.

Let’s look at a group of areas that include Bergenfield, Dumont, and East Rutherford, New Jersey, where the average flood rate is $2,247.  The policies in these areas number 403 with $905,598 in written premium.

Edgewater, New Jersey has 2,142 active flood policies.  The premiums here total $730,695 which allows the average flood rate to be $341.

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The average flood rate jumps to $1,886 in Englewood, New Jersey.  Englewood has 431 flood policies in effect with $812,823 in flood premiums.

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Looking at Fair Lawn and Garfield, New Jersey, we see there are 449 flood policies active with $1,061,787 in total premiums.  The average flood rate for these areas is $2,365.  Give us a call to check your rates!

$1,544 is the average flood rate for Hackensack, New Jersey.  Hackensack has 662 active flood policies with $1,022,432 in written premium.

Let’s check out a group of areas that include Hillsdale, Lodi, and Lyndhurst, New Jersey where the active flood policies number 689 with $1,135,517 in flood premium.  The average flood rate for these areas is $1,648.

In Little Ferry, New Jersey, the flood premium is $1,753,268 with 907 flood policies in effect.  The average flood rate for Little Ferry is $1,933.

349 flood policies are in effect in Mahwah and Moonachie, New Jersey.  These areas have $759,715 in flood premiums which allows the average flood rate to be $2,177.

The New Jersey Meadowlands, New Jersey has an average flood rate of $1,603.  New Jersey Meadowlands has 3,082 active flood policies with $4,940,824 in written premium.

Let’s look at a group of areas that include New Milford, Ramsey, Ridgefield Park, Ridgefield, Saddle Brook, and Teaneck, New Jersey where the premiums add up to $2,054,751 with 1,266 flood policies in effect.  The average flood rate for these areas is $1,623.

Our next group includes Oakland, Paramus, Park Ridge, Ridgewood, Rochelle Park, Rutherford, Wallington, and Westwood, New Jersey where the average flood rate is $1,713.  The active flood policies here number 1,988 with $3,406,392 in written premium.

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Burlington, New Jersey has 976 flood policies in effect with $1,430,637 in total premium.  The average flood rate in Burlington is $1,466.

Another group of areas include Cinnaminson, Delanco, Delran, Mount Laurel, Palmyra, and Pemberton, New Jersey.  These areas have an average flood rate of $1,003.  The total number of active flood policies is 1,065 with $1,068,323 in flood premiums.

The next group of areas in New Jersey are Evesham, Medford, Moorestown, Southampton, and Willingboro.  In these areas the flood premiums total $542,463.  The average flood rate is $650 which include 835 active flood policies.

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FEMA FLood Insurance Rate Maps

$1,953 is the average flood rate in Camden, New Jersey.  Camden has 611 flood policies in effect with $1,193,123 in total premiums.

When we study Cherry Hill and Winslow, New Jersey, we find that the flood premiums add up to $355,871.  These areas have 365 flood policies active which allows the average flood rate to be $975.

In Pennsauken and Voorhees, New Jersey, the flood policies number 306 with $364,279 in written premium.  These areas have an average flood rate of $1,190.

5,057 flood policies are in effect in Avalon, New Jersey.  Avalon has $3,508,153 in flood premiums which allows the average flood rate to be $694.

Next up is Cape May Point, New Jersey where the average flood rate rises to $814.  The premiums here total $351,690 and the active flood policies number 432.

The average flood rate rises to $967 in Cape May, New Jersey.  Cape May has 2,628 flood policies in effect with $2,540,924 in total premiums.

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Lower, New Jersey has a lower average flood rate coming in at $584.  Lower has 2,598 active flood policies with $1,516,066 in written premium.

$907,021 is the total flood premiums in Middle, New Jersey.  Middle has 1,092 flood policies in effect which allows the average flood rate to be $831.

The active flood policies number 6,299 in North Wildwood, New Jersey.  North Wildwood has an average flood rate of $721 which includes $4,541,748 in flood premiums.

Ocean City, New Jersey has 16,874 flood policies in effect.  The average flood rate in Ocean City is $638 which includes $10,757,470 in total premium.

The flood premium totals $3,333,430 in Sea Isle City, New Jersey.  The active flood policies number 6,514 which allows the average flood rate to be $512.

In Stone Harbor, New Jersey, the active flood policies number 2,699.  The average flood rate in Stone Harbor is $897 which includes $2,421,225 in premiums.

The average flood rate rises to $1,007 in Upper, New Jersey.  Upper has 470 flood policies in effect with $473,262 in total premiums.

We’ll look at a large group of areas that includes West Cape May, Livingston, Maplewood, Millburn, Nutley, Orange Township, Bayonne, Guttenberg, and Harrison, New Jersey.  These areas have an average flood rate of $1,089.  The premiums in these areas add up to $2,503,875 and the active policies number 2,299.

478 is the total number of active flood policies in West Wildwood, New Jersey.  The premiums total $546,568 which allows the average flood rate to be $1,143.

The average flood rate drops to $540 in Wildwood Crest, New Jersey.  Wildwood Crest has 4,321 flood policies in effect with $2,333,852 in premiums.

Our final area of New Jersey is in Wildwood where the flood policies total 3,671.  The premiums add up to $2,900,597 which allows the average flood rate to be $790.

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In Downe and Belleville, New Jersey, the average flood rate is $765.  The number of active flood policies total 552 with $422,087 in total premiums.

Bloomfield, New Jersey has 475 flood policies in effect with $845,268 in written premium.  Bloomfield has an average flood rate of $1,780.

Next up is Fairfield, New Jersey where the average flood rate jumps to $2,170.  The premiums total $2,204,559 with 1,016 flood policies in effect.  Give us a call Fairfield!

The following areas have an average flood rate of $1,898: Montclair, Newark, West Orange, and Greenwich, New Jersey.  The premiums add up to $1,814,448 with 956 active flood policies.

Hoboken, New Jersey has 9,650 flood policies in effect with $7,640,652 in written premium.  The average flood rate in Hoboken is $792.

The average flood rate drops to $749 in Jersey City, New Jersey.  The premiums add up to $5,534,041 with 7,385 in active flood policies.

In Kearny and Lambertville, New Jersey, the premiums total $895,927 with 352 active flood policies.  These areas have an average flood rate of $2,545.  Give us a call to check your flood rates!

506 flood policies are in effect in North Bergen, New Jersey.  The flood premiums add up to $292,994 which allows the average flood rate to be $579.

Weehawken, New Jersey has $452,386 in written premium.  Weehawken has an average flood rate of $597 which includes 758 in flood policies.

$229 is the average flood rate in West New York, New Jersey.  The policies number 1,282 with $293,472 in flood premium.

When we look at another group of areas that include Ewing, Lawrence, Carteret, Dunellen, East Brunswick, Monroe, Old Bridge, Perth Amboy, South Brunswick, South Plainfield, and South River, New Jersey, we find $3,193,817 is the flood premium total.  These areas have 2,355 active flood policies which allows the average flood rate to be $1,356.

The average flood rate in Hamilton, New Jersey is $1,327.  The premiums add up to $698,234 with 526 flood policies in effect.

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Let’s check out another group of areas that include Princeton, Trenton, West Windsor, Edison, Middlesex, Piscataway, Sayreville, and South Amboy, New Jersey where the active flood policies number 1,741.  The premiums total $2,520,577 which allows the average flood rate to be $1,448.

In Woodbridge, New Jersey, there are 430 flood policies in effect.  The average flood rate in Woodbridge is $1,118 which includes $480,940 in written premium.

240 flood policies are active in Aberdeen and Atlantic Highlands, New Jersey.  The premiums in these areas total $231,533 which allows the average flood rate to be $965.

There is $437,547 in total premium in Asbury Park, New Jersey.  The active flood policies number 527 which allows the average flood rate to be $830.

Avon-By-The-Sea, New Jersey has an average flood rate of $662.  The premiums here total $273,597 with 415 flood policies in effect.

Next up is Belmar, New Jersey where there are 896 flood policies active.  The average flood rate in Belmar is $585 which includes $524,073 in written premium.

In Bradley Beach and Brielle, New Jersey, the average flood rate is $580.  The premiums here total $373,248 with 643 flood policies in effect.

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Now let’s look at Deal, Freehold, and Howell, New Jersey where there are 461 active flood policies.  The average flood rate for these areas is $693 which includes $319,297 in total premiums.

Hazlet, New Jersey has $353,854 in written premium with 492 flood policies in effect.  The average flood rate in Hazlet is $719.

The average flood rate rises to $1,203 in Highlands, New Jersey.  Highlands has 1,063 active flood policies with $1,279,124 in flood premium.

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There are 1,690 flood policies in effect in Keansburg, New Jersey.  Keansburg has an average flood rate of $914 which includes $1,544,861 in written premium.

$1,032 is the average flood rate for Keyport and Little Silver, New Jersey.  These areas premiums add up to $486,880 with 472 active flood policies.

The average flood rate drops to $801 in Long Branch, New Jersey.  Long Branch has 2,005 flood policies in effect with $1,605,728 in total premiums.

Again, the average flood rate rises to $1,297 in Manasquan, New Jersey.  The premiums in Manasquan total $1,936,768 with 1,493 active flood policies.

Let’s check out a couple of areas that include Marlboro, Neptune City, and Ocean, New Jersey, where the flood policies total 618.  The premiums add up to $533,218 which allows the average flood rate to be $863.

Middletown, New Jersey has 2,648 flood policies in effect with $2,171,705 in flood premiums.  The average flood rate in Middletown is $820.

The average flood rate drops to $623 in Monmouth Beach, New Jersey.  Monmouth Beach has 1,751 active flood policies with $1,090,408 in written premium.

$617 is the average flood rate in Neptune, New Jersey.  The premiums total $469,455 with 761 flood policies active.

In Oceanport, New Jersey, the premiums add up to $634,502.  The policies number 711 which allows the average flood rate to be $892.

Stopping by Rumson, New Jersey, we find 605 active flood policies.  The average flood rate in Rumson is $1,172 which includes $709,320 in written premium.

The average flood rate drops a little to $1,110 in Sea Bright, New Jersey.  Sea Bright has 1,096 active flood policies with $1,216,362 in flood premiums.

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Next up, let’s look at Sea Girt and Spring Lake Heights, New Jersey, where the premiums total $275,346 with 407 flood policies active.  The average flood rate for these areas is $677.

$588 is the average flood rate in Spring Lake, New Jersey.  The active flood policies number 715 with $420,387 in flood premiums.

In Union Beach, New Jersey, the flood premiums total $985,317.  The average flood rate in Union Beach is $858 which includes 1,148 in active policies.

Let’s look at a group of areas that include Wall, Denville, and Dover, New Jersey where the active flood policies add up to 778 with $1,655,085 in written premium.  The average flood rate for these areas is $2,127.

Our next group includes East Hanover, Jefferson, and Long Hill, New Jersey where the average flood rate is $1,361.  The premiums in these areas add up to $616,643 with 453 flood policies in effect.

The average flood rate rises to $2,125 in Lincoln Park, New Jersey.  The active flood policies total 619 with $1,315,549 in total flood premium.

Looking at Montville and Parsippany-Troy Hills, New Jersey, we find the average flood rate drops to $1,684.  The premiums in these areas total $910,963 with 541 flood policies in effect.

704 flood policies are active in Pequannock, New Jersey.  The premiums here total $1,455,885 which allows the average flood rate to be $2,068.

Barnegat Light, New Jersey has $735,091 in flood premiums.  The average flood rate is $802 which includes 917 active flood policies.

There are 427 flood policies active in Barnegat, New Jersey with $309,810 in total premium.  The average flood rate in Barnegat is $726.

Let’s check out Bay Head, New Jersey, where the average flood rate is $1,280.  The premiums in Bay Head total $930,698 with 727 active flood policies.

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The average flood rate drops to $1,158 in Beach Haven, New Jersey.  Beach Haven has 2,136 flood policies in effect with $2,473,636 in written premium.

When we look at Berkeley, New Jersey, we find that the flood rate drops to $671.  The policies here number 2,613 with $1,752,780 in flood premium.

$3,197,449 is the flood premium total in Brick, New Jersey.  Brick has 4,221 in active flood policies which allows the average flood rate to be $758.

Harvey Cedars, New Jersey has an average flood rate of $1,024.  The premiums here total $977,960 with 955 flood policies in effect.

The average flood rate drops to $846 in Lacey, New Jersey.  Lacey has 2,796 flood policies active with $2,365,849 in written premium.

In Lavallette, New Jersey, the active flood policies number 2,110 with $1,669,921 in flood premiums.  The average flood rate in Lavallette is $791.

There are 2,458 flood policies active in Little Egg Harbor, New Jersey.  The premiums here total $2,254,344 which allows the average flood rate to be $917.

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6,554 flood policies are in active in Long Beach, New Jersey.  The average flood rate in Long Beach is $1,065 which includes $6,981,212 in written premium.

Let’s look at a group of areas that include Manchester, Clifton, and Passaic, New Jersey where the average flood rate is $2,078.  The policies here number 362 with $752,207 in flood premiums.

Mantoloking, New Jersey has 405 active flood policies.  The average flood rate here is $1,737 which includes $703,364 in total premiums.

The average flood rate drops to $875 in Ocean Gate, New Jersey.  Ocean Gate has 402 flood policies in effect with $351,621 in flood premiums.

The premiums in Ocean, New Jersey total $811,271 with 935 active flood policies.  The average flood rate in Ocean is $868.

Next up is Point Pleasant Beach, New Jersey, where the flood policies in effect total 1,804.  The premiums in Point Pleasant Beach total $2,636,548 which allows the average flood rate to be $1,462.

$668 is the average flood rate in Point Pleasant, New Jersey.  Point Pleasant has $1,234,615 in premiums with 1,847 active flood policies.

The average flood rate rises to $1,014 in Seaside Heights, New Jersey.  The active policies number 1,375 with $1,394,507 in flood premiums.

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Again, the average flood rate rises a little to $1,190 in Seaside Park, New Jersey.  The premiums in Seaside Park total $1,573,328 with 1,322 in active flood policies.

1,510 is the total number of active flood policies in Ship Bottom, New Jersey.  Ship Bottom has $1,732,731 in written premium which allows the average flood rate to be $1,148.

Stafford, New Jersey has an average flood rate of $725.  The premiums here total $2,400,716 with 3,312 flood policies in effect.

Now, let’s look at Surf City, New Jersey where the premiums add up to $1,623,921 with 1,507 in active flood policies.  The average flood rate in Surf City is $1,078.

Up next is Toms River, New Jersey, where the average flood rate is $864.  The active flood policies number 8,964 with $7,745,293 in written premium.

In Tuckerton, New Jersey, there are 473 flood policies in effect with $344,290 in premium.  The average flood rate in Tuckerton is $728.

The active flood policies number 484 in Little Falls, New Jersey.  The average flood rate in Little Falls is $1,406 which includes $680,736 in flood premium.

$1,504 is the average flood rate in Paterson, New Jersey.  The premiums here total $1,299,120 with 864 flood policies in effect.

Pompton Lakes, New Jersey has 508 flood policies active with $1,032,592 in written premium.  The average flood rate in Pompton Lakes is $2,033.

Let’s check out a group of areas that include Totowa, West Milford, and Woodland Park, New Jersey where the average flood rate is $2,259.  These areas have flood premiums that total $1,145,373 with 507 flood policies in effect.

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The average flood rate drops to $2,082 in Wayne, New Jersey.  Wayne has 747 active flood policies with $1,554,943 in written premium.

In Carneys Point and Penns Grove, New Jersey, the premiums total $727,283 with 437 flood policies in effect.  These areas have an average flood rate of $1,664.

Pennsville, New Jersey has 978 active flood policies with $998,483 in total premium.  The average flood rate in Pennsville is $1,021.

Looking at a group of areas that include Bernards, Bound Brook, Bridgewater, Montgomery, and North Plainfield, New Jersey, we find 966 active flood policies.  The premiums in these areas total $1,648,152 which allows the average flood rate to be $1,706.

Our next group includes Franklin, Hillsborough, and Manville, New Jersey where the average flood rate is $1,198.  The flood policies add up to 992 with $1,188,841 in flood premiums.

$1,176 is the average flood rate in Berkeley Heights and Elizabeth, New Jersey.  These areas have $392,720 in total premiums with 334 flood policies in effect.

Next up is Cranford, New Jersey, where there are 792 active flood policies.  Cranford has $1,065,113 in total premiums which allows the average flood rate to be $1,345.

The average flood rate is $1,889 in Kenilworth, Linden, and New Providence, New Jersey.  The premiums in these areas add up to $932,919 with 494 flood policies in effect.

Plainfield, New Jersey has 1,100 active flood policies with $1,945,665 in flood premium.  The average flood rate in Plainfield is $1,769.

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There is $871,639 in written premium in Rahway, New Jersey.  Rahway has an average flood rate of $1,645 which includes 530 active flood policies.

The average flood rate rises a bit to $1,673 in Roselle and Scotch Plains, New Jersey.  These areas have 499 flood policies in effect with $834,756 in total premium.

Our last group of areas include Springfield, Union, and Westfield New Jersey, where the premiums add up to $1,495,890.  The policies here number 726 which allows the average flood rate to be $2,060.

Thanks for checking out all the flood information on New Jersey!!

Flood Nerd flooding

How to save money on Flood Insurance in New Jersey VE flood zones

All homes that are ocean facing are custom built so with this special consideration our Lloyds of London VE flood zone and other Private Flood Insurance options for oceanfront properties take this into consideration with variable coverage options as well as significant savings below is a case study for a property we were shopping just last week.

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Our example was in the Ocean City, NJ area and is in a VE flood zone map.

For the coverage of $250,000 with no contents and a $5,000 deductible the NFIP annual cost for flood insurance in a VE flood zone is $15,859.00. Ouch!

Since we are who we are and experts in Flood Insurance we will look at every property everyway possible to ensure that we are getting the best premium for our clients and WE often Do (smile wink)

We tried this same property on our Private flood options and were able to get the premium to under $2,500 and we have in some cases with similar properties gotten the annual premium to $600 this was a feather in our cap and made our clients very happy. Again all properties are unique in these VE flood zones but if we can find a private flood policy for you we guarantee it will be better then the NFIP option.

Let us help you save money today.

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Flood Insurance Calculator NJ

For decades, the NFIP has over-charged 50 percent of its policyholders and under-charged the other 50 percent, while it has racked up $42 billion in taxpayer-funded losses, equating to more than half of every claim paid by the NFIP since 1978.

About 30 percent of NFIP claims payments go to the same 3 percent of insured “repetitive loss” structures year after year. When you do the math, this means that the other 97 percent of their flood-exposed constituents could have paid in less and still netted larger claims payouts if they had better access to private flood insurance. In fact, a recent white paper by Milliman found that 90 percent of homes in Sandy-struck New Jersey and New Jersey would see reduced flood insurance rates through private insurers.

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References
the following documents contain additional hydrologic data, flood photos, historic flood descriptions, floodplain delineations and other pertinent information, and should be considered supplemental to this flood warning plan:
https://bsa.nfipstat.fema.gov/reports/1011.htm#COT
https://www.fema.gov/average-claim-payments-date-loss
https://www.fema.gov/national-flood-insurance-program
https://www.fema.gov/media-library-data/1486576697135-ac6348fb2a3d98ceba33cf3f38422dbc/Claim_Loss_Counts_Sept2016.pdf
https://www.fema.gov/media-library-data/1458666638945-d752cb148ef1348b4b1c22acec66a0bd/Claim_loss_count2015.pdf
https://www.fema.gov/media-library-data/1393877884619-3091f75bf9d46a26f5beb7d423c34529/Total_Claim_Count_fy2013.pdf
https://www.weather.gov/safety/flood-states-nj
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