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Flood Insurance Meeting at Ortley Beach on 7/20/19

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We discuss proposed Flood Insurance Legislation and the ramifications to your flood insurance premium.

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It was 100 degrees outside and the Topic of Flood Insurance was even hotter!

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Below are times and topics that were discussed. Feel free to fast forward to the topic that interests you. (This is video 1 of 2). PLEASE SHARE THIS VIDEO TO FELLOW FLOOD ZONE NEIGHBORS. THIS VIDEO IS RELEVANT TO ANY FLOOD ZONE COMMUNITY IN THE COUNTRY.

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Thank you to the Board @OBVTA , all the OBVTA members, Councilman “Mo” Hill, George Wittman and Maria Maruca.

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Time Topic
1:15 Primary purpose of “StopFemaNow” is to make flood Insurance Affordable – Paul Jeffries

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2:33 Dunes system is here because of the efforts of OBVTA board and their members.

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5:12 Explaining the House Flood Insurance Bill , Premiums will rise up to 18% (Primary homeowners) and up to 25% (2nd homeowners) until you reach your actuarial rate.

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5:46 Senator Menendez’s proposed bill Caps Premiums up to 9%, compounded yearly increases.. until you reach your actuarial rate.

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6:28 Risk Rating 2.0 explained ; Senator Schumer has called for a halt to the revamp of Risk Rating 2.0, it will raise premiums to unaffordable levels and lower property values.

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12:08 Green Island Resident was paying $3,800 a year before sandy. He dropped his flood insurance. He tried to sell his home and his premium came in at $32,000. The home sale did not go through because of the flood premium.

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14:23 Don’t let flood insurance laps, otherwise it will go to actuary rate.

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18:15 When will the protection from the dunes be calculated into our new flood maps?

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19:25 Councilman Mo hill dropped flood insurance because it became too expensive.

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20:36 Councilman Mo Hill – What happens with Tornado insurance? Should we have Mandatory Disaster insurance for all perils (earthquake, wildfire, tornado and wind, Not just for flood)?

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21:20 Homeowners are dropping flood insurance because it is too high. (This will make flood insurance less affordable)

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Click here to watch the video https://youtu.be/HF4sUU2CV2Y

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