BRICK TOWNSHIP, N.J. (AP) — Some Jersey shore homeowners say they fear no longer being able to afford their homes as drastic flood insurance premium increases required by current law kick in.
At a public hearing Thursday in Brick Township, which was hard-hit by Superstorm Sandy, U.S. Sen. Robert Menendez touted a bill that would freeze current flood insurance rates for up to two years while the federal government studies the affordability of flood insurance.
Menendez says soaring flood insurance rates, a product of recent reforms designed to help the program become self-sustaining, are happening all over the country.
Peggy Molloy of Point Pleasant escaped Sandy without damage to her home. But her flood insurance premium is poised to go from $800 a year to between $10,000 and $14,000.