I’ve compiled this list of NJ house raising resources so that I can help other homeowners affected by Hurricane Sandy. If I can help just one other homeowner with the painful task of finding a reputable NJ house raising company, then it will all be worth while.
I will be adding to this list as I personally tackle the laborious task of raising my own New Jersey based home. I hope you find the list useful.
Additional Info Realted to New Jersey House Raising:
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.
You’re Stuck If You Already Raised
If you got right to work raising your home and already did house lifting NJ 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. Good luck!