Friday, April 26, 2013
Homeowners are faced with a choice of elevating a home at a high cost or paying thousands more for flood insurance
Elevate, pay thousands more in flood insurance premiums or simply walk away from homes? That is the question on the minds of some Hurricane Sandy victims. The first floor of Craig Verran’s Manasquan home was totaled. A home that never took on water in its nine years is now being refurbished prior to Verran making his decision. “It’s a tough decision,” Verran said. “You either elevate or else. It’s an 'or else' situation. You’re going to face premiums that are unbearable.” In addition to $150,000 toward the damage to his home and car, Verran will be facing at least $75,000 to elevate his home or a $7,500 increase in his insurance, he said. Before Sandy, Verran’s home was 1 foot above the required elevation and not in a flood zone. Now, with…
Tuesday, March 12, 2013
The agency provided a broken down list of programs and aid distributed since Hurricane Sandy.
In the more than four months since Hurricane Sandy arrived in New Jersey and caused massive destruction to its coastal communities, the Federal Emergency Management Agency (FEMA) has distributed more than $4 billion in aid, loans, and flood insurance payouts, the agency announced recently. FEMA provides regular updates relating to funding totals and the number of residents who have availed themselves of the agency's services as it continues to work in New Jersey to provide assistance following Sandy. According to FEMA, National Flood Insurance Program claim payouts total approximately $2.7 billion. That figure will rise as additional claims are made and existing claims are resolved. In all, $586.4 million in loans have been approved by the…
Wednesday, January 23, 2013
Many have yet to receive claim checks for flood insurance following Hurricane Sandy.
His wife leaves the room to tend to their youngest. Jim Racanelli talks about being a man, about the responsibility of providing emotional and financial stability for his family. His icy-blue eyes are stern and unblinking, but when he talks his voice wobbles a bit, like the legs of a man shouldering a burden that’s suddenly grown too large to carry. Driven from his home by Hurricane Sandy, Racanelli stands among the ruin. The walls of his Toms River home are stripped up to his waist, electrical lines like exposed nerves. The foundation is cracked, the house and its upside down mortgage shifted. You want to be strong, he says standing in the middle of a warped and rotting floor, but there’s always a limit. If he hasn’t reached it yet he’s …
Wednesday, December 12, 2012
New FEMA advisory base flood elevations won't be released until next week
Residents whose homes will have to be raised to comply with new flood standards will have to wait until next week to find out how high they will have to go. That's because the Federal Emergency Management Agency's new advisory base flood elevations won't be released until next week, after state officials have had a chance to review them, a National Flood Insurance Program representative said at the Dec. 11 Township Council meeting. "I anticipate next week," said NFIP official Dawn Livingston. "I can't promise." The advisory delays were frustrating to some residents at the meeting, including Township Council President James J. Byrnes, whose Glen Cove home was substantially damaged in the storm. "When am I going to know how high to build my …
Tuesday, November 13, 2012
A New York Times report explores the potential impact of the East Coast disaster.
Tuesday, November 13, 2012
Claims from Hurricane Sandy could further threaten the deeply indebted federal flood insurance program that Ocean City property owners rely on and lead to dramatic changes in the future. A report in the New York Times by Eric Lipton, Felicity Barringer and Mary Williams Walsh suggests Sandy will be the second most-costly storm in history in terms of claims paid. __________ Read "Flood Insurance, Already Fragile, Faces New Stress." __________ "Congress, just this summer, overhauled the flawed program by allowing large increases in premiums paid by vacation home owners and those repeatedly hit by floods," the New York Times reporters write. "But critics say taxpayer money should not be used to bail it out again — essentially subsidizing the …
Saturday, July 14, 2012
The federal program is vital to coastal property owners and to the real estate industry.
President Barack Obama signed a bill on July 6 that extends the National Flood Insurance Program for five years. Property owners in Ocean City and other coastal areas rely on the federally subsidized program to protect their homes — and the success of local real estate industry hinges on the program's existence. Hurricane Katrina in 2006 dealt a $16 billion blow to a federal program that was already operating at a deficit. The continuation of the program has been in doubt since then, and the Senate had passed only a 60-day extension in May. "The uncertainty over the National Flood Insurance Program (NFIP) has come to an end as Congress passed a five-year extension of the federal flood insurance program on June 29, 2012 as part of a …