CAI-NJ Jan.2020 (w) (2)

FLOOD INSURANCE... from page 35.

IMPAC Maintains the Highest Level of Management Standards in Our Profession PROPERTY MANAGEMENT

an HOA. There are maximum limits for building (currently $250,000) and contents ($100,000). Note that a unit in a townhouse/rowhouse type building is treated as if it is a single-family structure. 2019 Changes Rates were to significantly increase in 2019 and “grand- fathered” rated properties were to sunset. However, late legislation restored lower grandfathered rates and repealed certain rate increases. Many received refunds this fall. But NFIP is still way in debt as the rates are not self-sustaining. You can expect rate increases in the future so if you are in a flood hazard area, claims mitigation should be strongly considered. This will require the advice of an engineer knowledgeable in the NFIP rules and standards. Some flood proofing techniques include elevating of the structure but simple “venting” can also

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Corporate Office 440 Beckerville Road Manchester, NJ 08759

North Jersey Office 600Meadowlands Pkwy Suite 263 Secaucus, NJ 07094

impac1.com 800.624.4294

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