The final major portion of the Ocean City Board of Realtors spring meeting was when Bill McMahon and Tom Heist spoke about the future of flood insurance in Ocean City. A few of the key points addressed included:
Heist Insurance Agency had about 4,000 claims after the storn, 85-90% of them have been closed. The large claims are the ones still outstanding for the most part.
It is estimated that the final flood maps will be adopted in the year 2015
Flood Insurance rates will start to see an increase potentially around 10%-25% per year for some homes. But time will be the true judge once all is said and done.
Some good questions to ask yourself after the Hurricane–What exactly is covered under the flood policy? Do I need contents insurance, excess flood insurance, etc? Get the best coverage for your situation by asking these questions to a good insurance agent.
That pretty much sums up the major points of the meeting. Need help finding the answer to these questions? Have questions about real estate matters, feel free to reach out to the Marr Agency for help. Our phone number here is 609-399-7036.
The second person to speak at the OC Board of Realtors meeting was Jim Mallon, who works for the City of Ocean City. He shared a few pieces of great information, here is what we had to say:
The City has hired Atkins North America to help with the process of shrinking the number of homes that are in a V Zone. The company has had luck with accomplishing this goal in the past.
The next phase of revised flood maps (wither fewer homes in V zones) will be out late this summer/early fall. The work with Atkins should be evident here.
The city has set up a Help Team to serve as a one stop shop for answers to the questions facing Ocean City residents. The number for that is 609-525-9404. This team will help answer your questions or connect you with someone who can!
If you are in a position where you don’t have to do anything drastic, don’t do it yet. Wait for the finalized flood maps and the questions to be answered. If you need to raise your home or have significant work done, work with a professional to remediate or develop plans for your project.
Next up will be a summary of what Tom Heist and Bill McMahon had to say in regards to the frequently asked insurance questions.
The Ocean City Board of Realtors held their spring meeting this past Tuesday and discussed the Ocean City Real Estate community post Sandy. There were insurance providers, NJAR representatives, a surveyor, and city officials all there to answer questions. This installment will talk about the first speaker, Bruce Shapiro from the New Jersey Association of Realtors. Here are some of the key points he addressed:
The current ABFE Maps are Temporary, and the number of people in A Zones and V Zones will be going down as the maps progress
No new homes will be added to the V zones that are not already in one
The DEP has waived the requirement for damaged home owners to get Flood Hazard Permits
There is ICC Funding to help offset the costs of raising homes that were substantially damaged in the storm
Up next will be Jim Mallon, who works for the City of Ocean City.
Thinking about heading to the shore to book a rental but not positive about how to find the best place for you? One of the best things you can do to help your realtor is to ask yourself a few key questions before you ask for their assistance in finding a great shore rental:
How much am I looking to spend?
How many guests are joining me, and how many beds/baths will we need?
What week can our whole group get together (this might be the hardest, most important question to answer)?
What is our favorite neighborhood and what attractions do we want to be near?
Answer these and you will be able to focus on finding the perfect house for you, as opposed to trying to calculate the specifics of your trip on the spot!