This 4 bedroom 2 bath home in the Silverton Section of Toms River, NJ is not selling, at the auction price of $139,000. Why, because the flood insurance premium has risen to $500 a month.
Granted this home needs $40,000 or so to update the home. Similar updated homes in the neighborhood have sold for more than $250,000, see comps here.
This home is no longer grandfathered and paying the true actuary rate. The value of this home is being realized today.
We need to let our elected officials know that the exorbitant rise in Flood Insurance Premiums will devalue millions of flood zone properties. Especially as NFIP needs congressional re – authorization this September.
Find out what your actuarial rate is on your home by clicking here
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