You ask a very simple questions that unfortunately has a very complex answer. While it is true that the next round of maps to be released, the "Preliminary Maps" set to be released soon, will likely change to our favor we hope, and will give you a better understanding as to flood premiums going forward, There are many other factors to be considered when it comes to flood premiums. Without knowing exactly where or what types of properties you are looking for, I would tell you waiting might not be a bad idea, again depending on where you are looking to buy, and the age and current elevation of the home. The wait will not be a long one as the maps are due out any time now. Again there are many factors that affect flood premiums other than just "Zones" that are not even being mention here and truth is, it is a lot of data to be listed here. If you wish to discuss this further please fell free to call me at anytime on my direct line at 609-432-3634 and we can discuss different types of properties and locations, and what you will likely be looking at in terms of premiums.
RE/MAX at the Shore
Your question is one that is on the minds of many people and investors interested in buying and selling real estate in Ocean City. There are properties currently listed for sale that will not be impacted by the final maps and some that will. The subject of insurance premiums and elevation issues is another topic altogether. My best advice to you is to find an agent who you can comfortably work with as a trusted advisor and they will explain all of the options and opportunities based on your individual needs and desires, as well as put you in touch with other experts and professionals in the local surveyor and insurance industries to answer your questions on a property to property basis. My clients look to me for guidance on these issues on a daily basis. I would appreciate the opportunity to meet and talk with you at your convenience. You can reach me by email at firstname.lastname@example.org or by calling me directly at 609-214-4174.
Check out my website for testimonials at: http://www.kenfowser.com
Seas the Day!
If you have a specific property your interested in, I will tell you right away, which zone the property is currently in. Then I can tell you if you may or may not be effected by the new flood maps. I will be sending out a complete update regarding the new flood maps as soon as they come out. If cape may county is anything like Atlantic county, we will be in great shape. about 80% of Atlantic county were changed to be in favor of insurance premiums. email me your property addresses, and I can tell you exactly the current zone they are in, and if effected currently or likely hood to change. Thank you. Jeff@jeffquintin.com. 609.398.5333, to search for all properties on the market, search like a realtor here: http://www.jeffquintinsuperteam.com
I can try to answer questions for you about the insurance premium increases if you are looking at specific properties in cape may county. Feel free to give me a call (609)602-7507.
I would say the only reason to wait may be if the property you are looking at is currently in a designated "V" zone, and it is not an elevated building. Premiums on these properties will be a little high and you may want answers.
I think many of the properties currently in "V" zones will come out when the flood maps are revised. This may be worth confirming.
However, keep in mind that if all insurance premiums were to soar out of reach immediately after the maps are released , Ocean City as well as many shore towns would become ghost towns. The real estate markets would come to a stand still. That is not the intent. The government both state and local are looking to protect the economies of the towns, yet keep the FEMA insurance program solvent. Most likely there will be designated time periods where insurance premiums will gradually increase. Homeowners that can take advantage of the various grants being offered by the federal governments will be given the opportunity to make their consistently flooding homes less likely to be destroyed by floods in the future. Raising a home is a must for those that suffer severe losses. Obviously, the less likely a home is to destruction the lower their flood insurance premiums will be. If a home has sustained little or no damage the impact should not be as severe as a home that clearly needs to be raised because the damage was more than 50% of it's fair market value. Either way my opinion is a home in Ocean City is a great value. Don't forget that if you wait the mortgage rates are going to raise !!