Coastal communities devastated by Hurricane Sandy in Staten Island, the Rockaways, and along the Jersey Shore will soon be facing a new set of financial worries: soaring insurance costs. Thanks to legislation passed in July to support the National Flood Insurance Program, homeowners in coastal areas will see 20 to 25 percent increases in insurance premiums come January, plus more rigid, and often expensive, requirements for building in the updated mapped flood zones. [NYT]
Filed under:
Loading comments...