Wednesday, May 15, 2013
Measure would have delayed hikes for five more years
An amendment aimed at halting federal flood insurance rate hikes for five years has been blocked in the U.S. Senate. The amendment, introduced by Sen. Mary Landrieu (D-La.) was blocked from coming to a vote Tuesday by Sen. Pat Toomey (R-Pa.). Amendments in the U.S. Senate require what is known as "unanimous consent" before a vote can take place, meaning a single member can block a vote from occurring. Toomey told the New Orleans Times-Picayune Tuesday that he objected to changing reforms put in place last year because he supports the move to "diminish the subsidization that occurs now where homeowners in low-risk areas are made to subsidize in high-risk areas." Landrieu, the newspaper reported, said she will likely reintroduce the …
Monday, May 13, 2013
'Triple whammy' for Shore residents, Menendez says on U.S. Senate floor
U.S. Senator Bob Menendez threw Shore residents a virtual lifeline Thursday, delivering an address on the Senate floor where he urged colleagues to support an amendment to federal legislation that would stop flood insurance rate hikes, at least in the short term. Menendez (D-N.J.) spoke in favor of an amendment to the Water Resources Development Act which would stop flood insurance premiums from rising until FEMA completes its study on the affordability of premiums of the National Flood Insurance Program. Shore homeowners face annual flood insurance premiums of up to $31,000 a year if they do not raise their homes at a significant cost. Many homeowners who were never previously located in flood zones now find themselves being listed as …
Friday, April 26, 2013
Homeowners are faced with a choice of elevating a home at a high cost or paying thousands more for flood insurance
Elevate, pay thousands more in flood insurance premiums or simply walk away from homes? That is the question on the minds of some Hurricane Sandy victims. The first floor of Craig Verran’s Manasquan home was totaled. A home that never took on water in its nine years is now being refurbished prior to Verran making his decision. “It’s a tough decision,” Verran said. “You either elevate or else. It’s an 'or else' situation. You’re going to face premiums that are unbearable.” In addition to $150,000 toward the damage to his home and car, Verran will be facing at least $75,000 to elevate his home or a $7,500 increase in his insurance, he said. Before Sandy, Verran’s home was 1 foot above the required elevation and not in a flood zone. Now, with…
Sunday, January 13, 2013
Grim realities on flood insurance explained at 'Information Fair'
There was no mincing of words: recovering from Sandy will be difficult, and a decision on federal flood insurance made months before the storm struck will make things even harder. Brick residents got the low-down on the difficult decisions that loom in the future for many families following Sandy - brought on mainly by the impending flood insurance hurdle that could cripple already-strained finances for many - at a series of Sandy Information Fairs held at Brick Township High School Saturday morning. Brick is the first town in New Jersey to offer such information sessions, said Mayor Stephen C. Acropolis. The township's administration brought together local officials with representatives from the Federal Emergency Management Agency (FEMA) …
Sunday, November 18, 2012
The National Weather Service designation affects deductibles on insurance claims and could save property owners money.
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Sunday, November 18, 2012
The National Weather Service has determined that the massive coastal storm that buried Ocean City under record floods on Oct. 29 was not a hurricane when it made landfall near the island. Staff writer Richard Degener reports in The Press of Atlantic City that meteorologists have determined that Category 1 Hurricane Sandy was a "post-tropical cyclone" by the time it reached the New Jersey coastline. The designation has an important impact on how insurance companies process claims for storm damage. __________ Read "Sandy's classification as 'post-tropical cyclone' saving homeowners thousands on hurricane deductibles ." __________ The storm caused $438 million in damage to public and private property in Ocean City, according to a preliminary…
Paul
11:32 am on Monday, May 20, 2013
I appreciate the history lesson but why should the government elect to end one subsidy but refuse to end all subsidies that only benefit a few. ie agriculture, oil, etc. I understand your argument that government should not be in the insurance business but to try and correct a decades long wrong on the backs of a few in the short run is not equitable nor should be allowed. Where is the outcry … more ›