A bit over five years after Superstorm Sandy devastated parts of Long Island, and other areas of the northeast, homeowners on Long Island's north and south shore are seeing the cost of flood insurance jump by up to 18 percent.
An article by Maura McDermott in the Long Island newspaper Newsday, entitled “Long Island flood insurance premiums rise up to 18% a year,” reported that the rising premiums were intended to “gradually stabilize” the National Flood Insurance Program (“NFIP”) – which is set to expire at the end of September unless extended by Congress.
Across the country, more than five million property owners are insured under the NFIP; 85,000 are covered on Long Island. The federal subsidies that had been awarded to many policyholders are slowly being eliminated.
Learn more: http://www.newsday.com/business/li-flood-insurance-premiums-rising-up-to-18-a-year-1.13174031 (sub. req.).
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].