“The City of New York is concerned about the impact of rising flood insurance costs on its residents,” Samuel Breidbart, spokesman for the Mayor’s Office of Housing Recovery Operations, said in an email. “For a home newly mapped into the floodplain, a $500 annual premium could easily rise over time to $5,000 or even $10,000 for the same amount of coverage. This increase in flood insurance premiums directly impacts neighborhood stability and housing affordability, especially for working and middle class New Yorkers.”
This is happening in all 22,000 flood zone communities nationally. Virtually all 5.5 million flood policy holders will feel the exorbitant rise in premiums.
Read the full story here – http://www.qchron.com/editions/south/city-launching-flood-insurance-survey/article_6b5de43f-ec2f-5dbb-9e58-a7e279bc3ccc.html
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