House Raising in New Jersey

Everything you need to know about NJ House Raising

Obtaining Funding to Raise Your Home

In the wake of Hurricane Sandy, thousands of New Jersey residents are making the smart choice of getting their home lifted so it sits higher off the ground. The benefits should be apparent. First, it gets a house higher up so that only the most extreme of floods can damage it. And second, it lowers flood insurance premiums during a time when many premiums are expected to sharply rise.

The problem, of course, comes in paying for the lift. The average homeowner won’t just have the money sitting around, however. They are going to need to find a source of funding to help offset their house lifting NJ project. Check the Toms River website for additional details.

Thankfully for those pursuing house raising in NJ, there us funding out there.

First, you’ll have to determine how high you want to lift. You’ll find good guidelines in FEMA’s flood plain maps. Those maps determine the expected tidal elevations during normal high tides, flooding conditions, and 100-year storm flood conditions. These maps also play a role in your flood insurance premiums, so it’s important to pay attention to them.

If you are insurance under the National Flood Insurance Program (NFIP), the federal program that underwrites flood insurance throughout the United States, you’ll want to call and find out if you qualify for money to help lift your home. In addition, there may be grants available to you, through programs such as HMPG, FMA, SRL and RFC. Whether or not you qualify will depend on your unique circumstances.

One key factor in securing money will be whether or not you qualify for Increased Cost Compliance (ICC). If your home has been substantially damaged – the threshold is 50.1 percent damage – it puts you in the substantially damaged category. This might qualify you for Increased Cost Compliance funding. The ICC funding covers the cost required to bring your home up to floodplain standards required by law, which means that if you’re exploring house raising NJ, you’ll want to know if you fall under ICC.

According to the National Flood Insurance Program, “ICC coverage is in addition to the coverage you receive to repair flood damages; however, the total payout on a policy may not exceed $250,000 for residential buildings and $500,000 for non-residential buildings.”

What that means is, if you suffered from $200,000 worth of damage to your home, and that home was later deemed substantially damaged, you very well may qualify to get $30,000 to raise your home, demolish the structure, or move it entirely.

None of these funding sources are likely to pay for the entire cost of your lift, so if it’s a project you’re considering you will want to budget accordingly. Many homeowners are taking out home equity loans to pay for the lift. Their logic is sound: such a loan is an investment, because a house lift not only protects your home from future storms, it will actually increase the value of your home, making it more desirable when compared to other coastal homes that have not been lifted.

Info & Utils

Published in Friday, February 7th, 2014, at 9:11 pm, and filed under .

Do it youself: Digg it!Save on del.icio.usMake a trackback.

Comments are closed.

House Raising in New Jersey © 2014. Theme Squared created by Rodrigo Ghedin.