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(Transportation-News.com, July 12, 2013 ) Monroe Twp, NJ -- People who buy homes on the shore live the American Dream, according to Dave Bollinger, who works for the Federal Emergency Management Agency, but they also have to have the responsibility to pay for it and the risk of flooding.
Homeowners are required by federal law to own flood insurance if their home has a federally backed mortgage and sits in a flood hazard area as assessed by the National Flood Insurance Program. Now, rates are rising as Congress passed a new law, called the Biggert-Waters Flood Insurance Reform Act, requiring insurance companies to charge rates that reflect the actual risk of a home flooding. But the new Act is based on historical and current data, so it didn’t take into account anticipated rise of sea levels.
The national averages for flood premiums range from $130 to $8,000 a year, depending on the age of the building, the design, and whether or not it is located in a flood zone. The new rates will be phased over the next four years, but the first began taking effect on January 1st of this year.
Fortunately for some, not everyone will see a rise in their rates. Those who own homes or businesses above the 100-year flood level could even see rates go down, even though the sea level may have risen since that data had been taken. Environmentalists backed the legislation and called it a deterrent to developing homes and businesses in high risk areas, but critics say it could hurt low-income families in some coastal communities.
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Insurance Restoration Specialists, Inc. (http://www.irs-restoration.com/) is dedicated to providing fire, water and biohazard and environmental clean up after a disaster. With over 25 years of continuous service on water damage restoration New Jersey area, the professionals at IRS have the training and licensing they need to help get your home or business cleaned up after a disaster.
IRS Restoration
Benjamin Rogers
800-634-0261
enquiries@earcandylive.co.uk
Source: EmailWire.Com 
Source: EmailWire.com
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