New flood maps costly to homeowners | CapeCodOnline.com

From the Cape Cod Times:

http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20130609/NEWS11/130609694

The Cape is facing similar flood zone changes coming down from FEMA. The biggest issue is the Biggert-Waters Reauthorization of the flood insurance program. After many decades of tbe federal government bailing out areas hit by disasters, the Feds have decided that they do not want to pay for flood protection. Disaster recovery is a big issue, and Congress needs to understand the economic ramifications of not rebuilding after a disaster and the similar ramifications of insurance that is too costly.

“Several months before Sandy hit, Congress quietly passed the Biggert-Waters Flood Insurance Reform Act, a bill that authorized skyrocketing premium increases for people in flood-prone communities.”

These premium increases will kill property values….

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One thought on “New flood maps costly to homeowners | CapeCodOnline.com

  1. Annie K Hughes

    Once again, the retirement community, which folks think have LOTS of money as well, will pay the price for the flood insurance. I say once again,, the MANDATORY Flood Insurance from your MORTGAGE company / bank ONLY covers $215K of damage,, ,IF (3) CONSECUTIVE HOUSES have the SAME damage,,, otherwise the $10k -to $15K per year is like throwing money away!

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