Fisher
DP Veteran
- Joined
- Sep 18, 2012
- Messages
- 17,002
- Reaction score
- 6,913
- Gender
- Male
- Political Leaning
- Very Liberal
The flood maps in NJ are in the process of being re-drawn and flood insurance will go up around $1,000.00 per month, which many people cannot afford since a lot of properties at the shore are "legacy properties" which have been handed down for generations to people who will now be unable to afford flood insurance, and which will probably be mandatory.
I think you must be thinking private flood or some sort of no exception disaster insurance. federal flood insurance is usually a one time fee (typically when you purchase the property or refi). After Katrina people whose homes were destroyed while they evacuated had issues getting payment because their home owners said flood should pay and flood said homeowner's should pay.