Should beachfront property owners in Margate, Ventnor and Longport pay more for flood insurance? Would this force developers and homeowners to think twice and consider the real cost of building in flood-risk zones?
A Press of Atlantic City editorial from JUNE 12 may help explain the foolish, mid-summer dune building in Margate and Ventnor, as well as the dysfunctional National Flood Insurance Program.
$8.4 billion was paid out after Hurricane Sandy. Gov Christie called planning and management of federal aid and claims payouts…“awful.”
Homeowners near water, who tend to be affluent, pay artificially low rates.
There are two strong arguments for realistic premiums for flood insurance. There’s a fairness issue, since low- and middle-income Americans not living near the water pay for the subsidies too.
The National Flood Insurance Program has fueled a massive overbuilding of properties at storm risk, creating an unsustainable obligation to ensure the safety of occupants and cover their damages.
READ FULL STORY in PRESS of AC: Unfair Flood Insurance Plays Role in Foolish Margate & Ventnor Dune Building