Mon Jan 28, 2013, 04:20 PM
Purveyor (13,201 posts)
35,000 More NYC-Area Buildings In Flood Zones
NEW YORK (AP) -- Twice as many homes and businesses in and near the city would be in flood zones under new maps that may force more property-owners to buy flood insurance, complicate post-Superstorm Sandy rebuilding for some and confront others with the choice of building higher or paying considerably more for insurance.
The revised maps released by the Federal Emergency Management Agency on Monday are preliminary, but they will likely become a basis for changes to building laws and insurance requirements in coming years.
They represent one of the first concrete signals of how officials will carry out vows to rebuild smarter after Sandy and what that will mean for property owners. While a roughly two-year review is expected before new maps become official, New York City is planning short-term steps to encourage owners of Sandy-damaged properties to rebuild in the meantime.
And those who already have flood insurance could pay substantially more for it if their properties sit below the new flood levels. Under changes to the federal flood insurance program last year, owners of a $250,000 home with a ground floor three feet below the flood level would pay $9,500 a year, compared with $1,410 for a house at the flood line, according to FEMA, which administers the flood program. The increases are to be phased in over five years for existing buildings, after new maps are formally adopted.
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35,000 More NYC-Area Buildings In Flood Zones (Original post)
Response to Purveyor (Original post)
Mon Jan 28, 2013, 04:25 PM
hrmjustin (9,100 posts)
2. I am glad they are changing the maps.
My friends in Staten Island were in zone c and still got flooded. The maps were accurate in some areas but in SI they were not good at all.
Response to hrmjustin (Reply #2)
Mon Jan 28, 2013, 04:40 PM
Purveyor (13,201 posts)
3. The problems comes when one has a mortgage, barely making payments as it is then forced
to pay out a huge increase in 'required by the bank' flood insurance.
They rewrote the maps here in Michigan a couple of years ago and I know 2 people that had to let the bank take back there homes. Albeit they were struggling anyway with this Michigan economy but it was the straw that broke the camels back.