Flood Insurance increases Coming (2015, vacation home, inspections)

[Goodnight]

"Flood insurance premiums for thousands of Long Islanders who bore the brunt of superstorm Sandy's devastation could double over the next four years as Washington starts phasing out long-running subsidies for properties at risk from coastal storms.
Beginning next year, the increases will impact vacation homes, businesses, severely storm-ravaged properties and those that flood time and again. The move is part of a broader push to reform the debt-ridden National Flood Insurance Program in hopes of running it more like a private insurance company"
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It calls for rates of certain properties to rise by as much as 25 percent annually until premiums match the actual level of flood risk.
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After Sandy, flood insurance could be on rise

[SouthBound3]

Originally Posted by Goodnight

It calls for rates of certain properties to rise by as much as 25 percent annually until premiums match the actual level of flood risk.

Just sounds like common sense - no?

[woody516]

Is there a way to check on the flood insurance requirements for specific addresses?
Those govt flood zone maps are so confusing to read.

[Goodnight]

Originally Posted by SouthBound3

Just sounds like common sense - no?

Yes, sounds fair to phase it in rather than hit people all at once, especially under the circumstances

[Goodnight]

Originally Posted by woody516

Is there a way to check on the flood insurance requirements for specific addresses?
Those govt flood zone maps are so confusing to read.

There are flood maps, check with your village, town or isurance company.

[30to66at55]

The government should not be subsidizing insurance for those that chose to live in flood prone areas. If you are wealthy enough to own a house by the shore...pay the insurance yourself.

[LegalDiva]

I just hope these increases won't hit homeowners until 2014-2015. By then, I hope to be living in a non-flood zone!

[Goodnight]

First increases Jan1 for residential, happy new year! Commercial is July 1.

[Kbinspections]

And the those flood maps will be revised in the near future.

[Kbinspections]

Originally Posted by 30to66at55

The government should not be subsidizing insurance for those that chose to live in flood prone areas. If you are wealthy enough to own a house by the shore...pay the insurance yourself.

I can't tell you how many house got flooded that were no where near an open water view. Most people were NOT wealth and are actully in dire straits. I have done structural, building and mold inspections in too many houses since the storm. Most of my cleints were not wealth by any means. FEMA has not really done a very good job IMO and really do not give enough money to those who have the insurance. The policy is nowhere near a typical homeowners policy.