Wednesday, May 15, 2013
Measure would have delayed hikes for five more years
An amendment aimed at halting federal flood insurance rate hikes for five years has been blocked in the U.S. Senate. The amendment, introduced by Sen. Mary Landrieu (D-La.) was blocked from coming to a vote Tuesday by Sen. Pat Toomey (R-Pa.). Amendments in the U.S. Senate require what is known as "unanimous consent" before a vote can take place, meaning a single member can block a vote from occurring. Toomey told the New Orleans Times-Picayune Tuesday that he objected to changing reforms put in place last year because he supports the move to "diminish the subsidization that occurs now where homeowners in low-risk areas are made to subsidize in high-risk areas." Landrieu, the newspaper reported, said she will likely reintroduce the …
Monday, May 13, 2013
'Triple whammy' for Shore residents, Menendez says on U.S. Senate floor
U.S. Senator Bob Menendez threw Shore residents a virtual lifeline Thursday, delivering an address on the Senate floor where he urged colleagues to support an amendment to federal legislation that would stop flood insurance rate hikes, at least in the short term. Menendez (D-N.J.) spoke in favor of an amendment to the Water Resources Development Act which would stop flood insurance premiums from rising until FEMA completes its study on the affordability of premiums of the National Flood Insurance Program. Shore homeowners face annual flood insurance premiums of up to $31,000 a year if they do not raise their homes at a significant cost. Many homeowners who were never previously located in flood zones now find themselves being listed as …
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 19, 2013
Visit or call if dissatisfied with your private homeowners insurance company
Those with homes damaged or flooded by Sandy who are finding their private homeowners insurance or flood insuranc carriers are not cooperating can visit state insurance department officials today in Manasquan or call them. "To continue assisting New Jerseyans who have suffered property loss as a result of Superstorm Sandy, the Christie Administration will host a mobile office at the municipal building in Manasquan on Tuesday, March 19, between 9 a.m. and 5 p.m. to handle consumers’ questions and assist them in filing insurance claims related to damages caused by the storm," says a prepared statement from the state Department of Banking and Insurance. "The Department of Banking and Insurance (DOBI) senior staff and consumer …
Sunday, January 13, 2013
Grim realities on flood insurance explained at 'Information Fair'
There was no mincing of words: recovering from Sandy will be difficult, and a decision on federal flood insurance made months before the storm struck will make things even harder. Brick residents got the low-down on the difficult decisions that loom in the future for many families following Sandy - brought on mainly by the impending flood insurance hurdle that could cripple already-strained finances for many - at a series of Sandy Information Fairs held at Brick Township High School Saturday morning. Brick is the first town in New Jersey to offer such information sessions, said Mayor Stephen C. Acropolis. The township's administration brought together local officials with representatives from the Federal Emergency Management Agency (FEMA) …
Sunday, November 18, 2012
The National Weather Service designation affects deductibles on insurance claims and could save property owners money.
- NEWS
-
Sunday, November 18, 2012
The National Weather Service has determined that the massive coastal storm that buried Ocean City under record floods on Oct. 29 was not a hurricane when it made landfall near the island. Staff writer Richard Degener reports in The Press of Atlantic City that meteorologists have determined that Category 1 Hurricane Sandy was a "post-tropical cyclone" by the time it reached the New Jersey coastline. The designation has an important impact on how insurance companies process claims for storm damage. __________ Read "Sandy's classification as 'post-tropical cyclone' saving homeowners thousands on hurricane deductibles ." __________ The storm caused $438 million in damage to public and private property in Ocean City, according to a preliminary…
Spooner
12:24 pm on Sunday, May 19, 2013
@proud- you never cease to be funny: "intention of the Constitution to limit the POWER of the Government" Now I know your not going to do this...but read the opening remarks of Chief Justice John Marshall in the 1824 NYC navigation case... sounds like he agrees with you? http://www.law.cornell.edu/supct/html/historics/USSC_CR_0022_0001_ZS.html PS: every time Justice Scalia opens his mouth about "… more ›