Wednesday, May 15, 2013
Measure would have delayed hikes for five more years
An amendment aimed at halting federal flood insurance rate hikes for five years has been blocked in the U.S. Senate. The amendment, introduced by Sen. Mary Landrieu (D-La.) was blocked from coming to a vote Tuesday by Sen. Pat Toomey (R-Pa.). Amendments in the U.S. Senate require what is known as "unanimous consent" before a vote can take place, meaning a single member can block a vote from occurring. Toomey told the New Orleans Times-Picayune Tuesday that he objected to changing reforms put in place last year because he supports the move to "diminish the subsidization that occurs now where homeowners in low-risk areas are made to subsidize in high-risk areas." Landrieu, the newspaper reported, said she will likely reintroduce the …
Monday, May 13, 2013
'Triple whammy' for Shore residents, Menendez says on U.S. Senate floor
U.S. Senator Bob Menendez threw Shore residents a virtual lifeline Thursday, delivering an address on the Senate floor where he urged colleagues to support an amendment to federal legislation that would stop flood insurance rate hikes, at least in the short term. Menendez (D-N.J.) spoke in favor of an amendment to the Water Resources Development Act which would stop flood insurance premiums from rising until FEMA completes its study on the affordability of premiums of the National Flood Insurance Program. Shore homeowners face annual flood insurance premiums of up to $31,000 a year if they do not raise their homes at a significant cost. Many homeowners who were never previously located in flood zones now find themselves being listed as …
Saturday, April 13, 2013
City Council passes the first reading of an updated flood damage prevention ordinance.
City Council on Thursday unanimously passed the first reading of an ordinance that adopts the advisory flood maps that so many Jersey Shore property owners and city officials have questioned. The Advisory Base Flood Elevation (ABFE) maps determine zones for building guidelines (at what elevation homes must be constructed to be safe from floods) and for flood insurance premiums. But they're acknowledged to be only a work in progress. The ordinance that City Council approved on Thursday is an updated and detailed flood damage prevention ordinance (see attached PDF for full text) — something required in order to remain in good standing with the National Flood Insurance Program and to maintain community discount levels. The language of the …
Friday, March 1, 2013
City will seek beach easements for south end, pay $55,000 in legal costs related to an Ethics Board finding, pay $5.8 million for road and other improvements.
At a public meeting Thursday at the Ocean City Free Public Library, City Council heard an update on beach replenishment projects in Ocean City and saw a presentation on plan to revive a marina, fuel dock and seafood restaurant on the bay at 10th Street. But here are five other things that might be of interest.
Friday, February 8, 2013
For owners of homes not substantially damaged by the storm, waiting for final flood maps and flood insurance rates could help in making decision.
With a flood map still in flux and flood insurance premium increases still not set, property owners may have too little information to make an informed decision on whether to rebuild their homes at a higher elevation, according to state officials and local insurance agents. Record flooding from Superstorm Sandy on Oct. 29 caused billions of dollars worth of damage to the coastlines of New Jersey and New York, and in the aftermath of the storm, many owners are wondering if they will be required to elevate their homes. This much is known: Emergency rules adopted by New Jersey on Jan. 24 require new and substantially reconstructed (where the cost of restoration equals or exceeds 50 percent of the market value of the structure before the …
Sunday, November 18, 2012
The National Weather Service designation affects deductibles on insurance claims and could save property owners money.
- NEWS
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Sunday, November 18, 2012
The National Weather Service has determined that the massive coastal storm that buried Ocean City under record floods on Oct. 29 was not a hurricane when it made landfall near the island. Staff writer Richard Degener reports in The Press of Atlantic City that meteorologists have determined that Category 1 Hurricane Sandy was a "post-tropical cyclone" by the time it reached the New Jersey coastline. The designation has an important impact on how insurance companies process claims for storm damage. __________ Read "Sandy's classification as 'post-tropical cyclone' saving homeowners thousands on hurricane deductibles ." __________ The storm caused $438 million in damage to public and private property in Ocean City, according to a preliminary…
Wednesday, August 22, 2012
A flood insurance presentation, beach replenishment funding and public employee contracts are on the agenda.
City Council has a full agenda for its public meeting at 7 p.m. Thursday, Aug. 23, in Council Chambers on the third floor of City Hall. The city is now providing the public with complete City Council meeting agenda packets (agenda, copies of relevant ordinances and resolutions, and supporting documentation) on the "City Meeting Calendar" on the city's website (ocnj.us). A copy of the packet is also attached to this story and available by clicking on the PDF icon above. Here are five things from the meeting that might be of special interest:
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Saturday, August 11, 2012
Public presentations on flood insurance and Master Plan, new Hartzell plan for road improvements and more.
At Thursday's public meeting, City Council took no action on public requests for a non-binding referendum on rebuilding the Boardwalk with tropical hardwood, approved funding for a new beach-widening project that will be complete by next summer and heard an update on plans to protect herring gulls on the Route 52 causeway. But here are five other things from the meeting that might be of interest:
Tuesday, June 12, 2012
City Council will consider a revised ordinance on building heights.
The Planning Board got a first look last week at a proposed ordinance that would raise building heights and first-floor elevations for new homes and potentially lower flood insurance premiums for all homes in Ocean City. City Council will consider the ordinance at a future meeting, and it would require two readings before it could be enacted. The ordinance is a detailed revision of building regulations, but the general idea is to raise Ocean City homes above the level of a 100-year flood. That level — base flood elevation, or BFE (the height storm waters have a 1 percent chance of reaching in any given year) — serves as the baseline for building guidelines. The existing ordinance requires the first floor of a home to be one foot above BFE…
Thursday, October 6, 2011
Ocean City says its participation in a national flood prevention program saved property owners $1.53 million in 2011.
- GOVERNMENT
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Thursday, October 6, 2011
Ocean City is one of 203 communities in the United States that has achieved a 15 percent discount level for active community flood policyholders. This discount results in a $1.53M in savings to property owners in 2011. The savings represents a discount of approximately $90 for each flood insurance holder in the city. The City of Ocean City helps control the cost of flood insurance by participating in the Community Rating System (CRS) under the National Flood Insurance Program. The goal of the CRS program is to award communities for exceeding the minimum standards in flood mitigating activities. Currently, premiums paid on active policies in Ocean City could be as high as $11.8 million. However, since the City participates in the CRS …
Paul
11:32 am on Monday, May 20, 2013
I appreciate the history lesson but why should the government elect to end one subsidy but refuse to end all subsidies that only benefit a few. ie agriculture, oil, etc. I understand your argument that government should not be in the insurance business but to try and correct a decades long wrong on the backs of a few in the short run is not equitable nor should be allowed. Where is the outcry … more ›