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How has that played out in NYC's high risk areas? Has flood insurance in fact gone up, or is it slated to go up, 10x over the next x number of years? Are NYC homeowners in these areas looking at $10K a year in flood insurance?
How has that played out in NYC's high risk areas? Has flood insurance in fact gone up, or is it slated to go up, 10x over the next x number of years? Are NYC homeowners in these areas looking at $10K a year in flood insurance?
Unless you were substantially damaged in sandy and forced to raise and you did not folks are not paying anywhere near 10K
Unless you were substantially damaged in sandy and forced to raise and you did not folks are not paying anywhere near 10K
No, do that believe that is correct.
With FEMA's new maps if you are in certain flood zones you *will* be looking at drastically higher premiums regardless if your home was damaged by SSS or not.
We are not in a flood zone and the rates were jacked up.
People are rebuilding/staying "south of Hylan" for various reasons but the main one for most is their homes are basically unsellable. Anyone with half a brain knows the risks and costs and either won't buy or isn't willing to pay the kind of money many persons want/need. Those who still have mortgages really have no choice. If they cannot sell at a price to cover that note the money must come from somewhere else.
My friend got the buy-out after 2 years. I don't know about her neighbors. She was in the bowl, next to Seaview Psych. Much of that area remains abandoned. I'm on the North Shore in zone 4 and they raised the insurance on this house. Everyone is going to pay for it.
My friend got the buy-out after 2 years. I don't know about her neighbors. She was in the bowl, next to Seaview Psych. Much of that area remains abandoned. I'm on the North Shore in zone 4 and they raised the insurance on this house. Everyone is going to pay for it.
Most of the talk/focus has been on the South Shore but yes, people either forget or do not know the North floods as well. Have family friends in several NS neighborhoods who live not far from Richmond Terrace and they said SSS brought the KvK well inland in some areas. I still do not understand why they are going ahead with that "Wheel" thing considering the risks.
With FEMA's new maps if you are in certain flood zones you *will* be looking at drastically higher premiums regardless if your home was damaged by SSS or not.
I got five feet of water in my house in Sandy. I am pre-FIRM, grandfathered and pay $512 a year flood insurance.
Trouble is my subsidized rate is for one or less claims and I cant be more than 50% damaged or improved. Lots of older homes in flood zones lost subsidized rates in Sandy if they filed a claim in Irene and Sandy or damage greater than 50%
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