Relief Hopefully on the Horizon for LI Homeowners in Flood Zones

By
Real Estate Agent with Charles Rutenberg Realty Inc. 516-575-7500 NRDS ID#641625055

Relief Hopefully on the Horizon for Long Island Homeowners in Flood Zones

Homeowners who are situated in flood zones may finally get relief sometime later this week, when a bill comes up for Senate action. This is known as the Homeowner Flood Insurance Affordability Act and it is in response to the 2012 Biggert-Waters flood Insurance Law. 

Long Island's South Shore

If you live and work on Long Island's south shore, as I do, you are desperate to hear some good news about flood insurance rates.

The practice of grandfathering current homeowners' flood insurance premiums for future buyers came to a halt after Superstorm Sandy. There have
been huge consequences for flood zone homeowners. Real estate values have dropped noticeably.

Much of the real estate inventory on Long Island's south shore has attracted little interest from buyers who were unsure what flood zones would mean in terms of annual insurance premiums.

Rumored annual increases of 25% over 4 years (for a total of 100%) were destined to make coastal living cost-prohibitive.

The affordability act has some opponents in the House but a moderate version of the bill is still expected, when voting time comes.

The Affordability Act is a temporary measure that would delay premium increases for about four years until more study has taken place.

News sources report the National Flood Insurance Program is heavily in debt and the Biggert-Waters Act was an attempt to improve its sustainability.

 

 

 

 

 

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ABOUT THE AUTHOR: Graduate REALTOR Institute 

Jill Sackler, NYS Real Estate Broker Associate based on Long Island's South Shore
 
 

Sunny Isles, Fl 

 

  

     Specializing in Lifecycle Real Estate Transitions

"When your family doesn't fit your family home, I can help."
 
 
 
 
 
   
   

   

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Rainmaker
2,090,074
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Jill - this is important.  I hope it goes through.  Sandy has affecting not only South Shore LI but also the Sound Shore in Westchester.

Jan 29, 2014 04:12 AM #1
Rainmaker
506,130
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Jill, I agree, its about time, it will improve the lives for those living there, and increase property values again!

Sorry I'm MIA....things with my dad and all the kids being home during Christmas break got me tied up!

Jan 29, 2014 09:39 AM #2
Rainmaker
3,296,713
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Jill, We realize how this has affected many South Shore homeowners, who are now looking around on The North Shore. It's taking too long and it's time to get this worked out!

Jan 29, 2014 08:06 PM #3
Rainmaker
768,209
Jill Sackler
Charles Rutenberg Realty Inc. 516-575-7500 - Long Beach, NY
LI South Shore Real Estate - Broker Associate

Grant, I know there were other areas affected but I don't know the markets so I can't speak from experience. Hope it improves for you, as well.

Ellen, It's time for renewed property values.

Sheila, Yes, that's been happening. Good news for you and other north shore agents. Some people want nothing more to do with the south shore but once they feel more certain about insurance premiums, hopefully, that will change. After all, a 100 year storm doesn't happen every year.

 

Jan 29, 2014 10:35 PM #4
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Rainmaker
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Jill Sackler

LI South Shore Real Estate - Broker Associate
Long Island Living - Where Memories Are Made
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