BRICK, N.J. (AP) — Homeowners in parts of the Jersey shore hit hard by Superstorm Sandy say a new flood insurance law will help them remain in their homes and fix them.
Congress passed a law Thursday scaling back what had been drastic increases in flood insurance rates for many homeowners.
The law, which President Obama says he’ll sign, limits annual increases to 18 percent, with most paying 15 percent more a year. Second homeowners will pay 25 percent more a year.
Kim Ely, who still washes dishes in a bucket and eats dinner from a microwave in her gutted home in Brick Township, says she will now be able to remain there and fix it.
The law should also help boost home sales at the shore by making insurance more affordable.