Flawed Federal Emergency Management Agency flood insurance maps have caused insurance premiums at some Ocean City, Maryland, properties to skyrocket, but city officials say a resolution could still take months.
The Daily Record reports that FEMA officials drew the line for its higher-risk zone last year in the wrong place along an older dune line. That mistake accidentally placed 15 condominium buildings and one hotel in a higher hazard area than other beachfront properties.
A building that had cost about $22,000 to be insured through FEMA now costs nearly $500,000 a year.
Delmarva Condominium Manager’s Association President Joe Groves says the charges have made it very difficult for condo owners to sell their properties.
City engineer Terry McGean says officials are trying to work with the federal government to get the situation corrected, but it is unclear how long that will take.
Was this article valuable?
Here are more articles you may enjoy.
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
‘Structural Shift’ Occurring in California Surplus Lines 
Trump’s Repeal of Climate Rule Opens a ‘New Front’ for Litigation 
Fingerprints, Background Checks for Florida Insurance Execs, Directors, Stockholders? 
