Home Insurance in flood zones (Long Beach, Accord: rental, mortgage, how much)

[garvey103]

I've noticed a bunch of homes in my waterfront community being jacked up and new higher foundations installed. Is this a new requirment to maintain insurance? Some homeowners just immediatley repaired their damaged property. Will they also have to now "jack" up their homes to an acceptable height? Anyone know? thanks

[S.I.B.]

It's a free country! You can keep your home at it's current level but your flood insurance might skyrocket in future years if it's not above a certain height. The higher your home is, the lower your flood insurance will be going forward. If you haven't heard, flood insurance is about to get a LOT more expensive for many people.

[Goodnight]

Oakwood is in Staten Island, just about every home had major damage. Presently all but a few homeowners have accepted the buyout, over 170 homes.

Six months after Sandy, Oakwood Beach has mostly been a ghost town. Only a
dozen or so residents have made it back. The rest were displaced and until
appraisers came last week to determine the property values, had not returned to
their homes since the storm.


According to Tirone, of the 184 homeowners in the Fox Beach section of
Oakwood Beach, 170 have registered for the home buyout program. Tirone, who owns
a bungalow in Oakwood Beach, is also in the process of setting up residents with
realtors and mortgage bankers to help them look for homes

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Oakwood Beach residents mull home buyout plan :: Pavement Pieces

[InfoSeeker52]

I would think the bigger problem would be getting regular homeowner's (not flood) insurance - there are several major companies that flat-out refuse to write new policies at all on Long Island, and many others that won't write policies below Sunrise Highway (several friends/acquaintances have just purchased new homes and have reported difficulties getting insurance policies from major insurers).

[S.I.B.]

Originally Posted by InfoSeeker52

I would think the bigger problem would be getting regular homeowner's (not flood) insurance - there are several major companies that flat-out refuse to write new policies at all on Long Island, and many others that won't write policies below Sunrise Highway (several friends/acquaintances have just purchased new homes and have reported difficulties getting insurance policies from major insurers).

as a last resort, anyone can get insured with NYPIUA. The main issue going forward is for people in the A or Z flood zones who are required to have flood insurance, and how much their rates are going to rise. This affects people in all 50 states.

[SandyJet]

If you jack your home up you pay a lot upfront and you will save on flood insurance and your house will be worth more in end. In some towns like Long Beach I notice folks a few houses from Bay or water are doing it as you can now build higher due to flood and getting oceanviews to boot. Feel sorry for folks next to those big thinks sticking in the sky.

But for older folks and folks without the funds jacking your home up is not in the cards. The flood rates maybe be phased in anywhere from 4-8 years to full rate. If you are 80 years old let next person deal with it.

Also if house was not substantially damaged and you had flood insurance prior to July 2012 and it is your primary residence according to flood rules you are grandfathered at lower rates so raising does not get you lower flood insurance.

If you did not have flood insurance at time of Sandy, it is a rental or vacation home rates are going way up if you dont raise your home. This is why some houses are being raised and some are not