Susan Montanti 0

Reform Mandatory Flood Insurance Requirement/Premiums

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Susan Montanti 0 Comments
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Tell FEMA Director William Craig Fugate, Governor Christie, Senator Kyrillos, Assemblywoman Handlin and Assemblyman O'Scanlon that the new "Madatory" Flood Insurance Premiums for NJ are outrageous and we need relief. The Flood Insurance Premiums range from $2500 - $4000 per/year. This is an additional $200- $335 per month for housing expenses for households that were already struggling to make their monthly mortgage payments. This has created issues with Home sales for these areas, where it would be primarily an area for first time buyers. Generally these buyers are just barely able to afford their first home. The added $200 -$300 per month has made it so that many of the first time buyers no longer qualify for these homes. This has forced homesellers to take an even larger loss on their homes because they have to reduce prices even further. The residents of NJ already pay the highest property taxes, why are we now paying the highest flood insurance premiums too? By signing below we are telling Congress to reform the current bill and find another way to create long-term financial solvency for the National Flood Insurance Fund.

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