Super Storm Sandy decimated many parts of South Jersey. Many homeowners are still in recovery mode and looking for answers. In order to assist from a Realtor standpoint, NJAR – New Jersey Association of Realtors held an information session earlier this month at the PNC Bank Arts Center – Robert Meyner Reception Center- in order to get as much information as possible about Super Storm Sandy. Representatives from all government agencies attended – National Association of REALTORS®, the Federal Emergency Management Agency (FEMA) the Department of Health (DOH), the New Jersey Department of Housing and Urban Development (HUD), the New Jersey Department of Environmental Protection (DEP), Department of Community Affairs (DCA), the New Jersey Department of Banking and Insurance (DOBI), the New Jersey Department of Housing and Mortgage Finance Agency (HMFA) and the Governor’s Office of Recovery and Rebuilding attended the REALTOR® Superstorm information session to provide answers and resources.
The two biggest concerns are the release of the new flood maps and how it will affect insurance rates.
•Be sure to apply for assistance by May 1, 2013 if you suffered major damage to FEMA and/or SBA.
•The official flood maps will be released in summer 2013 but vetting could go on for up to 2 years.
•One of the most common reasons for application denial was incorrect paperwork.
•Increased Cost of Compliance (ICC) funds – up to $30,000 to raise, relocate or demolish a structure – are only available to structures which a) have a flood insurance policy b) have been substantially damaged 50 percent or more of the assessed value of the structure.
•The maximum amount of flood insurance money available from the federal government per policy is $250,000. For example, if a homeowner accepts a flood insurance settlement of $240,000, they are only eligible for $10,000 of ICC money.
•As of Oct. 1, 2013, flood insurance policies will no longer be able to be transferred upon the sale of a home.
If you need more information, contact your local Realtor.