New flood-elevation rules amount to extortion / Towns can get FEMA to downgrade V zones - Press of Atlantic City: Voice Of The People

New flood-elevation rules amount to extortion / Towns can get FEMA to downgrade V zones

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Posted: Monday, February 4, 2013 12:01 am

I'm a homeowner with a relatively new mortgage who sustained significant damage in Hurricane Sandy. As it stands now, I have been given the option to come up with $100,000 to raise my home or face the possibility of unaffordable flood-insurance premiums, which could go up to as much as $31,000 annually, thereby making it impossible for a person of my means to live here.

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