Property owners in flood zones throughout New Jersey have faced the prospect of dramatic premium increases since the passage of the Biggert-Waters flood insurance reform act in 2012. The legislation was designed to make the National Flood Insurance Program self-sustaining.
The reform act provides strong incentives for property owners to elevate their homes above 100-year flood levels, and many are now weighing the cost and complexity of that process against the potential for exponentially rising flood insurance premiums.
The bill currently being considered by the Senate would exclude the owners of second homes from the rate hike delay. In Ocean City, second homeowners far outnumber year-round resident owners.
Read about the Senate bill in more detail:
- The Times-Picayune (New Orleans): Senate votes 86-13 to begin debate on bill delaying flood insurance hikes for four years
- USA Today: Senate moves forward on flood insurance bill
- Insurance Journal: White House balks at flood insurance delay
- Insurance Journal: Congressional spending plan would curb some flood insurance hikes