Civic leaders warn of skyrocketing flood insurance premiums.

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“The House Financial Services Committee’s unanimous endorsement of legislation to reauthorize and reform the National Flood Insurance Program (NFIP) could have a “catastrophic” impact on local homeowners who may see their flood insurance dues systematically multiply over a short period of time.

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While FEMA’s NFIP initiative publicly aims to “provide affordable insurance” to property owners in and around U.S. coastal areas, a closer look actually reveals proposals that would serve policyholders with annual increases of up to 18 percent. The annual amount owed could double double after four years.

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Those owning second homes and commercial properties would reportedly face premium hikes of up to 25-percent annually and possibly double every three years until reaching a FEMA-imposed actuary rate.

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In fact, in a report provided by George Kasimos of Stop FEMA Now, the New Jersey-based realtor cited the federal agency’s ultimate plan of inflating premiums based on a neighborhood’s construction/replacement costs.

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“A new mapping system that they’re proposing is going to be a disaster because FEMA has never gotten a mapping system done right. From Maine to Louisiana, you’ll find every major state decrying what a horrible mapping system it is,” surmised Mundy, a lifelong resident of Broad Channel that is entirely surrounded by Jamaica Bay waters.

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Mundy doesn’t share the Congresswoman’s enthusiasm and in fact stated: “When this thing gets adopted, if we don’t get some changes, the premiums that [FEMA] will be proposing are going to destroy communities.”

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People residing in “x-zones” of Howard Beach and portions of Rockaways who haven’t been yet been required to purchase flood insurance may suddenly be hit with annual premiums of $3,500 to $4,000 a year as a result of FEMA’s remapping, said Mundy.

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But what Mundy is most worried about is FEMA going house to house to determine flood risk and individual premiums. His distrust of the federal agency is being shared by Mayor Carmen Amato of Berkley Township, New Jersey, who in an email to fellow state officials communicated how “outrageous” increases in flood insurance rates would negate much of the progress made by maritime communities in the wake of Superstorm Sandy.

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Mundy added: “FEMA is the most dysfunctional organization that I have ever worked with, and I have worked with every organization and every acronym in the seven years since Sandy. I’ve never met one that’s more out of touch with local authorities and local homeowners than FEMA.

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Read the full story here
https://www.rockawave.com/articles/panic-over-premiums/

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