RSS 2.0 FeedSeptember 3, 2010, Merrick Life
SMCCA addresses flood zone issues
SMCCA provides forum to help neighbors understand the flood insurance regulations.
In an effort to help homeowners understand the new regulations involving flood zone insurance, the South Merrick Community Civic Association invited Denis Miller, “The Floodman,” to its August meeting Tuesday night. For many Merrick homeowners, insurance premiums increased to rates over $2,000, said Mr. Miller, a Long Beach insurance broker.
The good news is that those rates will soon be lowered during a brief interval of about two years. During that time, the average rate for a home with a basement will be $395 while rates for those homes without basements will be approximately $350.
Mr. Miller said there were two ways to reduce rates in homes with basements: the first was to raise the deductible, and the second was to limit the liability to the basement contents. Some homeowners without a mortgage might be tempted to eliminate flood insurance, but Mr. Miller noted that flood insurance is transferable, thereby allowing a purchaser to save money by being grandfathered into the lower rate.
Recognizing the impact of the remapping of flood zones, SMCCA President Joe Baker said that he had contacted Congressman Peter King. The congressman arranged to have representatives from FEMA speak at a special meeting of the association on Tuesday, September 14, at the Merrick Golf Clubhouse at 7 p.m. Additional information on the August meeting of the SMCCA will be presented in next week’s issue of Merrick Life.