Home Buying in Hoboken>Question Details

koval.susan, Both Buyer and Seller in Hoboken, NJ

I am considering buying a condo Hoboken. Can you tell me if all or most of the condos in Hoboken require flood insurance?

Asked by koval.susan, Hoboken, NJ Tue Oct 22, 2013

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9
Hello
My Name is Hector De La Cruz and I'm license in New York and New Jersey so finding you a home will not be an issue. As to you question please take the time to read this article and if you have any inquires please don't hesitate to call.
Regards,

http://hobokenrealestatenews.com/2012/11/20/insurance-the-ne…

Hector De La Cruz
Realtor Associate NY and NJ
Nest Seekers INTERNATIONAL
Manhattan • LIC • Brooklyn • Miami • Hamptons • International
415 Madison Avenue
Ny, Ny 10017
O + 212.252.8772
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0 votes Thank Flag Link Thu Oct 24, 2013
I recommend looking at fema.gov and researching mitigation and the nfip. The federal government had been heavily subsidizing flood insurance for years. This is a market correction.
0 votes Thank Flag Link Wed Oct 23, 2013
Hi Susan,

Many if not most buildings cover the flood insurance in their maintenance fees.

Some streets such as Bloomfield Street east are not in flood zone and do not require flood insurance.

Many of the rules about flood insurance have changed since Hurricane Sandy.

I live and work in Hoboken and can give you some insight into this issue.

Feel free to call or write with any additional questions.

Warm regards,


David J. Bistany
Luxury Home Specialist
Everything He Touches Turns to SOLD
Liberty Realty, LLC
1 Marine View Plaza Suite 101
Hoboken, NJ 07030
Luxury Home Specialist
Hoboken Jersey City Realtor
davidbistany.com
http://www.LibertyRealty.com
Office: 201.610.1010 x341
Direct: 201.852.3291
Fax: 201.216.1332
0 votes Thank Flag Link Tue Oct 22, 2013
Thanks all for the info! I think I may rethink Hoboken and look into Jersey City.
0 votes Thank Flag Link Tue Oct 22, 2013
Hi Susan,
Most of Downtown Jersey City is also in a flood zone. There are areas such as Journal Square and Jersey City Heights that are not in flood zones.
I hope this helps you.

Warm regards,

David J. Bistany
Luxury Home Specialist
Everything He Touches Turns to SOLD
Liberty Realty, LLC
1 Marine View Plaza Suite 101
Hoboken, NJ 07030
Luxury Home Specialist
Hoboken Jersey City Realtor
davidbistany.com
http://www.LibertyRealty.com
Office: 201.610.1010 x341
Direct: 201.852.3291
Fax: 201.216.1332
Flag Wed Oct 23, 2013
Susan, if you are considering Jersey City due to concerns over flooding you should know that most of downtown Jersey City is in the same flood zone. Flooding occurred in much of downtown Jersey City during Sandy as well. You can view the flood zone maps at http://www.region2coastal.com
Most of land below the palisades was originally wetlands that were filled in so the entire waterfront is very low lying and most of it is in a flood zone.

Andres Garcia - Sales Associate - Keller Williams - Office: 201.659.8600
Mbl: 201.677.2211 - E-Mail: Andres@MileSquareRealty.com - Web: MileSquareRealty.com
Flag Tue Oct 22, 2013
I think what some of the agents below are missing, is that you will want to have flood insurance for your condo fixtures and your personal possessions. Building insurance covers only what is common, ie outside walls, hallway floors & electricity, etc. You will want be covered for flood in order to rebuild the interior of your personal apartment and to replace your possessions.
0 votes Thank Flag Link Tue Oct 22, 2013
Susan,

A majority of the town is in a flood zone. Typically your mortgage company is going to require a specific amount of flood insurance for each home in the building. This insurance should be covered by your condo association. You just want to make sure what the insurance is covering and how the home you are interested in is classified. Flood insurance usually doesn't cover basements so if the home is below grade you have to make sure it's not classified as a basement as per FEMA. You also want to see what build-out the insurance will pay for if there is a flood.

There are rare cases where the buildings flood insurance won't be enough for the mortgage company. In many of those cases the association will increase the coverage appropriately since it is in everyone's interest for resale. However, if you are going through a lender that requires insurance above the customary flood insurance amount you may have to buy a supplemental policy for the difference.

I hope this helps. Please do not hesitate to contact me with any additional questions.

Andres Garcia - Sales Associate - Keller Williams - Office: 201.659.8600
Mbl: 201.677.2211 - E-Mail: Andres@MileSquareRealty.com - Web: MileSquareRealty.com
0 votes Thank Flag Link Tue Oct 22, 2013
Generally , Flood insurance is covered in your maintenance payments. There are , however, certain buildings that require additional coverage.

Hope this helps!
0 votes Thank Flag Link Tue Oct 22, 2013
Hello - Unfortunately 78% of Hoboken is in a flood zone so you are likely to be required to purchase flood insurance.

If you'd like help finding an apartment in Hoboken or Jersey City, please give me a call.
0 votes Thank Flag Link Tue Oct 22, 2013
Flood insurance is not only required it is an area of heated debate lately. With FEMA limiting the amount they will cover because of their resources being exhausted by Sandy and Katrina, they are passing what they will not cover on to private insurers. Those private insurers are now increasing rates to cover this additional exposure. What I recommend is having the seller perform a survey that results in an elevation certificate. If your property is designated by this certificate to not be subject to severe flooding private insurers can not inflate your rates.

Any additional questions please let me know,

Amy Frank Goldman
Hudson Place Realty
212.673.2147
0 votes Thank Flag Link Tue Oct 22, 2013
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