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…
Wednesday, April 24, 2013
Township Council unanimously approves resolution for bill that would amend the National Flood Insurance Act of 1968
Sam Cammarato's upscale home at the end of Teakwood Drive in the Glen Cove section of Bayville was slammed hard by Superstorm Sandy last Oct. 29. And like too many others, Cammarato - who heads the Berkeley Township Taxpayers Coalition - is worried about raising his house and paying astronomical flood insurance premiums. "I am absolutely petrified I will not be able to continue to pay these outrageous flood insurance premiums everyone has been talking about," he said during the public portion of the April 22 Township Council meeting. Mayor Carmen F. Amato Jr. said he, Council President James J. Byrnes and Councilman John A. Bacchione met earlier this week with Congressman Jon Runyan to discuss a number of Sandy-related issues. One of them …
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…
Tuesday, February 12, 2013
Residents of Union Beach met with Rep. Frank Pallone on Tuesday to air grievances about insurance.
Randall Kidd’s story isn’t unique. A Union Beach resident, he’s faithfully paid into the National Flood Insurance Program for years, insuring his home against the kind of flood damage caused by Hurricane Sandy with a $217,000 policy he hoped would make him whole. After his home was destroyed by the late October storm, Kidd set about filling out the appropriate paperwork, meeting with adjusters who came in from out of state and waiting for the check to arrive so he could start to work. Finally, the check did come, but for $89,000, less than half of what contractors have told him it will cost to rebuild his home. In a crowded conference room at Union Beach’s municipal building, Kidd and other area residents met to find an answer, or at least…
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 …
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 …