The residents of the coastal regions of the United States are gathering together to speak out against the skyrocketing prices.
Following regular and continual announcements that flood insurance rates are significantly rising, particularly in the coastal regions of the country that were damaged by Superstorm Sandy, residents are rallying to speak out against the astronomical prices.
Some of the residents are seeing premiums of over $30,000 per year, which is a potentially devastating figure.
Flood insurance premiums at that level could easily annihilate some of the shorefront communities, according to local leaders. According to the Broach Channel Civic Association president, Dan Mundy Jr., the higher rates will “decimate shore front communities.” He added that according to the new government guidelines, homes in Broad Channel, Queens, are required to be raised far off the ground – a massive expense – if they wish to avoid the exploding costs.
The homeowners along the coastline are starting to feel that the flood insurance, itself, is the new storm to strike.
These residents, from areas such as Rockaways and Broad Channel, intend to rally this month in order to protest – and attempt to stop – a new law that would bring their flood insurance premiums up higher than $30,000 every year. There are over a dozen rallies now scheduled in New York, New Jersey, and Louisiana, under the Stop FEMA Now label.
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These demonstrators will be protesting the Biggert-Waters Flood Insurance Reform Act, which was passed in 2012. According to the law, subsidies from the federal government for this type of coverage will cease. Mundy Jr. explained that “It’s going to have the unintended effect of reducing home values tremendously and in some cases it will create foreclosures.”
Although lower flood insurance rates will be offered to property owners who elevate their homes – in some situations up to twelve feet above the ground – in order to comply with the new federal and city building guidelines, Mundy Jr. pointed out that many people are unable to afford these lifts, which can cost anywhere from tens to hundreds of thousands of dollars. Furthermore, there are some homes for which lifts are a structural impossibility.