After Hurricane Sandy, FEMA, which administers the National Flood Insurance Program, has designated much of the Barnegat bay coastline as a “V” zone for insurance purposes. This means that waves over 3 feet are to be expected, and foundations of homes built in this area should not obstruct water.
The New York Times has created a map for the “V” zone throughout the Jersey shore.
As can be seen on this map, the “V” zone can stretch many blocks inland and follows lagoons. FEMA has stated that these maps were in the works before Sandy struck. Many towns in the area have complained to FEMA that the “V” zone is not accurate. However, the geologists and weather scientists that designed these maps are not likely to be swayed by emotional appeals. However, Brick Mayor Stephen C. Acropolis believes that these maps may change later in the year.
In order to obtain reasonable rates for flood insurance in the “V” zone, houses must be built “on stilts.” The area around the stilts may be enclosed with walls that are designed to break away during a flood. Existing homes do not need to be raised, but new construction or houses that must be rebuilt must comply with new building codes. If flood insurance rates increase from $1,000 to $7,000 a year or more (up to $31,000!), existing home owners may consider raising their homes.
Similar building codes have been in place in Long Beach Island since the Ash Wednesday Storm of 1962.
Toms River is having a seminar on home elevation at High School East on March 23 with several engineers present to answer questions. Toms River Council President George Wittmann also stated that the town is looking into obtaining grants for home elevation from both FEMA and the state.
FEMA has setup a website for Frequently Asked Questions. The full sticker shock of the new flood insurance rates will not be felt for 4 years. “Starting Jan. 1, 2013, premium rates for subsidized non-primary residences will begin increasing. Rates will increase 25 percent per year until they reflect the full risk-rate.”
FEMA explains that homes that were not destroyed or were substantially improved may be receiving subsidized rates. As such, homes that survived Sandy may not feel the brunt of the flood insurance premium increases. If your home is substantially damaged, FEMA may pay up to $30,000 towards raising your house.
Even with homes being raised, FEMA flood insurance rates will rise dramatically in the area. This has happened in places like New Orleans and Florida following hurricanes last decade. The increased rates will likely lower property values.
These FEMA maps could very well change the entire character of the Barnegat bay. I wonder what percent of homes will be raised in ten years time. If a hurricane comes again, then houses that are raised will be spared. Is it a good thing in the long run?