You can’t keep collecting without mitigating. That is all that is being said.
Options:
1. Elevate your home: Take a loan and take advantage of the goverment aid to elevate your home to reduce the loan amount. Insure properly, base and excess flood is available. This way you don’t have to rely on others to pay to fix your home again and again.With your home elevated, your rates will reduce significantly
2. Don’t elevate your home: Pay the higher priced flood insurance so that when you do flood again, you will be paying your portion of the cost to have NFIP pay your claim. This will most likely cost the same as the loan to elevate your home. But, when you flood, there is only a limited amount of increased cost of compliance coverage so when you flood again and again, the costs go up, and so will the need to elevate. Then you will have to home and no flood insurance available.
3. Don’t rebuild on the water. Let your State buy your land for open space.
Bob Willauer, why should they give you anything, you bought knowing the risk of coastal islands. You bet you lost. I grew up in N.J. and most of my family had homes in Ocean City. They were constructed of cheap material because everyone knew it could be lost. In fact the gardens section of O.C. was part of Longport untill the inlet moved.
Absolutely correct. Tax payers should not have to rebuild a single one of these shore front properties- they are owned by people who are well off. Property was not cheap prior to Sandy. Since they chose to not have any or enough insurance that is their problem. They gambled and lost. Period. Now they can pay the price.
You can’t keep collecting without mitigating. That is all that is being said.
Options:
1. Elevate your home: Take a loan and take advantage of the goverment aid to elevate your home to reduce the loan amount. Insure properly, base and excess flood is available. This way you don’t have to rely on others to pay to fix your home again and again.With your home elevated, your rates will reduce significantly
2. Don’t elevate your home: Pay the higher priced flood insurance so that when you do flood again, you will be paying your portion of the cost to have NFIP pay your claim. This will most likely cost the same as the loan to elevate your home. But, when you flood, there is only a limited amount of increased cost of compliance coverage so when you flood again and again, the costs go up, and so will the need to elevate. Then you will have to home and no flood insurance available.
3. Don’t rebuild on the water. Let your State buy your land for open space.
If the state will give me the tax assessed value they can have it, however, they don’t have any money to acquire these properties….
Bob Willauer, why should they give you anything, you bought knowing the risk of coastal islands. You bet you lost. I grew up in N.J. and most of my family had homes in Ocean City. They were constructed of cheap material because everyone knew it could be lost. In fact the gardens section of O.C. was part of Longport untill the inlet moved.
Absolutely correct. Tax payers should not have to rebuild a single one of these shore front properties- they are owned by people who are well off. Property was not cheap prior to Sandy. Since they chose to not have any or enough insurance that is their problem. They gambled and lost. Period. Now they can pay the price.