Written By: Glenn Michaels, Op-Ed Writer
Living on an island, long but still an island, there are still restorations of various types going on. If you lived in the New York Tri – state metropolitan area there is a good chance that you are restoring your property and/or infrastructure near you.
In New York City there are subway tunnels in need of repairs. A very popular subway line that travels between Brooklyn and Manhattan will be closing 18 months for tunnel repairs.
Driving to Atlantic Beach, New York I have to travel through West Long Beach, New York. Many of the homes in West Long Beach were damaged by flooding as these homes are boarded by an ocean and by a bay (channel) which caused damage to most of the homes in Long Beach, New York.
Many of the residents of Long Beach, New York (a barrier island of Long Island) are working on their homes for when the next hurricane comes to Long Island they will not suffer as much damage as before.
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As I said earlier, I travel through Long Beach to Atlantic Beach where my beach club is. On almost every block there are foundations being installed 6 to 9 feet higher than they were before. Homes and businesses are being lifted and modular homes being installed on top of high foundations. There are still homes unoccupied due to storm damage.
The flood maps were also changed. Most of the barrier island which includes Point Lookout, Lido Beach, the City of Long Beach and Atlantic Beach are now flood zone “A” or “V” more “A” which makes flood insurance mandatory. The flood zones and the property elevation have much to do with the cost of the flood insurance policy.
I reside in Oceanside, New York an area devastated by Super Storm Sandy as well. IN fact many residences and businesses now are required to have a flood insurance policy or they cannot have a mortgage especially if is held by a federal institution.
There are various flood zones and depending on the flood zone and elevation so goes the premium. I reside in flood zone “X” and pay $435.00 annually for a non – mandatory flood insurance policy. Neighbors 4 houses away are in flood zone “A” and pay more than $1,200.00 to $1,500.00 annually. Those that reside in zone “V” pay more than $2.000.00 annually.
Surveyors and engineers can issue elevation certificates to minimize the flood insurance premium. These elevation certificates can save a home owner a considerable amount on their flood insurance premium.
If you reside in a flood zone where you must purchase flood insurance contact a surveyor or engineer to issue an elevation certificate to lower your premium.
About The Author
Glenn Michaels - As an NAMP® Opinion Editorial Contributor, Glenn Michaels is a mortgage underwriting instructor for CampusUnderwriter (www.MortgageUnderwriter.org). As a BBA & FHA DE Underwriter, Glenn is a Pace University graduate who also graduated from New York University’s School of Mortgage Finance. Glenn has conducted numerous training classes and has worked in the mortgage banking industry for 38 years.