New FEMA flood maps may have a drastic impact on homeowners insurance rates
The U.S. Federal Emergency Management Agency (FEMA) is revising its flood maps for 2013, and this may have a drastic impact on homeowners insurance, especially in the East Coast, where many homeowners are still struggling to recover from the impact of Hurricane Sandy. In New Jersey, Governor Chris Christie, who has levied harsh criticism against FEMA for its handling of Hurricane Sandy, is now warning state residents that they could see their homeowners insurance rates spike in the coming months. Governor Christie is encouraging homeowners to make changes to their properties before their insurance coverage becomes more expensive.
Many homeowners continue to struggle with the impact of Hurricane Sandy
Hurricane Sandy dealt a grievous blow against many homeowners in New Jersey, with thousands of people having their properties damaged by the storm, if not completely obliterated. In the wake of the powerful storm, many New Jersey residents struggled with their homeowners insurance policies, attempting to have their claims resolved in order to begin the recovery process. Unfortunately for some, this meant dealing with the National Flood Insurance Program, whose notorious financial struggles complicated matters for many of Hurricane Sandy’s victims.
New Jersey Governor encourages homeowners to make changes to their properties
Hurricane Sandy, as well as other environmental factors, have caused FEMA to make revisions to its existing flood maps. Governor Christie suggests that these revisions will place new parts of New Jersey into flood zones, drastically increasing the cost of homeowners insurance coverage for thousands of consumers. The state does not hold sway over FEMA’s flood insurance maps, so Governor Christie is encouraging homeowners to make changes to their properties in order to avoid homeowners insurance rate hikes.
Homeowners insurance rate hikes may be unavoidable
Renovating property is an expensive endeavor. Though Governor Christie is encouraging homeowners to make changes to their properties, those still struggling to recover from Hurricane Sandy claim that such efforts are simply impossible. For these people, higher homeowners insurance rates may be unavoidable, as they simply cannot afford to make any renovations to their homes, let alone repair the damage caused by the powerful storm.