FLOOD FACTS and NJ Flood Zone
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- All 50 states experience floods and flash floods.
- Everyone lives in a flood zone. (For more information, visit Flood Zones FAQs.)
- Flood damage is typically not included in homeowners insurance.
- Federally backed mortgages will require that you have flood insurance if you live in a SFHA (Special Flood Hazard Area).
- Even small floods like an inch of water can cause significant damage to your home and property.
- Flash floods can cause waves of water 10 to 20 feet high.
- Just 2 feet of water is enough to push a car away from its parking spot.
- Flooding may be caused by winter storms, melting snow, and hurricanes.
- Sometimes new land development which alter runoff outlets can cause a risk of flood.
- Before you experience a flood consider this: a $100,000 flood insurance plan costs about $400 per year ($33 a month). On the other hand, a loan from the government due to disaster must be paid back with 4% interest. For a $50,000 loan, your payments is about $240 a month ($2,880 a year) for 30 years.
- If you live in a moderate-to-low risk area you may be eligible for the Preferred Risk Policy. Here, flood insurance premium can be as low as $120 per year and it coverages for the contents in the house too.
- If your community is a part of the National Flood Insurance Program (NFIP), you are eligible to purchase flood insurance. The Community Status Book will list whether your community is a NFIP partner.
- Buy flood insurance before the floodwaters arrive because it takes 30 days for the policy to take effect.
- In a high-risk area, your home has a 26% chance of having flood damaged within a 30-year span. This is compared to a 9% chance of fire damage.
- Last year, one third of the NFIP claims were from low-risk communities.
- Flood damage in US from 1994 to 2004 was more than $2.4 billion per year.
- If your community is a part of the Community Rating System (CRS), you qualify for a discount of up to 45% on your flood insurance.
- In 2005, the NFIP awarded over $16 billion in claims due to flood-damage.
- Since 1978, the NFIP has paid $31.4 billion for flood insurance claims and related costs (as of 3/31/06).
- In the USA, more than 5 million people have flood insurance policies in 20,200+ communities.
For more policy and claim statistics, visit the National Flood Insurance Program. To find out what’s covered click here.
If you need more information regarding NJ Flood Zone data, please contact us at RE/MAX 100 and we’ll be more than happy to help: (973) 800-1700