As a resident and Realtor in the Community I will tell you it depends on the property you are looking at. Most of Ocean Grove is not in a flood zone... There are only a few areas that will require flood insurance ...
As to a flood elevation certificate most home owners might not have had one done because Ocean Grove was not a Flood Zone and Did not require flood insurance.
I know some of my neighbors have purchased flood insurance and the cost has been from 500 to 2000 per year... I hope that helps...If you have any other questions feel free to email me or go to my web site at http://www.roevillanova.com....
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If the house is in a flood zone as determined by the new flood maps by FEMA insurance rates depend on your Base Flood Elevation BFE. Basically it is how high your house is built above the base flood elevation which is approx. sea level( not exactly).
For eg. If your house is currently 4 feet BFE and the new maps show it needs to now be 8 feet BFE your insurance company will calculate the flood insurance with the 4 feet deficit. If you are at the 8 feet BFE the rate is considerably lower. It pays to raise your house if you are far below the FEMA BFE.
***Tip: If you have a gps in your car and park close to your front door, look at the altitude on the gps that will give you an idea of the height of the house from sea level. It is really rough estimate at your BFE.
This is a discussion that is much longer than this response but to get you started you need to look at the new FEMA maps to determine the ABFE for the property before you can inquire about insurance rates.
If you want help with this and you are not working with a Realtor give me a call. I cover Ocean Grove in my territories.
Much of Ocean Grove is not in a flood zone. If the house you fall in love with is in a flood zone, this is what you need to do:
Find out what the ABFE level is by visiting FEMA's website.
Ask the homeowner for an elevation certificate to see if the house complies with the new elevation.
If it does, your rates will not be too high. If it does not, then you need to see what the seller is offering. Will they be elevating the house? Will they offer a credit at closing so you can elevate the house?
Depending on which zone the house is in, how high it has to go, how large the house is, elevations can run anywhere from 20K and up to over $50K.
If you are not working with an educated agent, I'd be happy to help. Or if you just need some resources for any of the above, contact me via Trulia or my website.