Q. I have a shore home and now that flood insurance will be going up every year, I’m afraid I won’t be able to afford it and would probably eventually have to sell the home. Should I consider selling the home now while the insurance rates are still not bad, or should I take my chances later? I’m afraid buyers won’t be willing to pay the higher flood insurance.

— Homeowner

A. Home prices are still high, so it’s a good market for sellers.

But there’s a lot to consider here.

First, we’re glad to hear you have flood insurance.

You should always insure catastrophic losses, said Matt Rembish, a financial advisor with JFL Total Wealth Management in Boonton.

He said there are two options for flood insurance: the National Flood Insurance Program (NFIP) or private personal flood insurance.

Before you consider selling, you can look at ways to lower your insurance costs.

For example, you could lower your flood risk by elevating your home, raise your deductible – this will have you pay more out of pocket to rebuild, but this will lower your premium — or shot around with other carriers, Rembish said.

Renting out the home is another way to offset the cost of flood insurance or even the cost of elevating the home in the future, he said.

You simply have to figure out if higher premiums will make the home unaffordable for you.

Now, if you decide to sell, know it is a great time because inventory is low, he said.

Before you do, ask yourself what’s next. Would you want to buy another shore home or another home somewhere else?

“I don’t believe the cost of flood insurance should be the primary reason to sell your home,” Rembish said. “If you enjoy the area, and the home itself, there are ways to deal with the cost of flood insurance.”

Email your questions to [email protected].

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.