New FEMA flood maps soak homeowners

Have you noticed there seem to be a lot of houses around town that are being raised up? What gives?

FEMA has rewritten its flood maps so homeowners that fail to raise their homes will not be eligible for coverage through the National Flood Insurance Program.

Mortgage lenders typically require dwellings in coastal areas to be covered by flood insurance. A handful of towns, including Greenwich, Conn., have already accepted the maps and incorporated the new standards into local building regulations. Patricia and Peter Ekvall are paying more than $300,000 to raise their Old Greenwich home onto stilts—15½ feet up.

A story in Bloomberg Businessweek by By  explores the issue in detail. Read the full article here

Categories: General
Jeff Bustraan

3 Responses

  1. Peter says:

    Well the old FEMA maps soaked the taxpayer and no one was worried about that. Why should the taxpayer be responsible for repairs to someone’s. waterfront McMansion? 30 years ago these were far smaller houses than they are today and in no way shape or form should I, as a taxpayer, be on the hook when your house gets sent into the ocean.

  2. CT sucks says:

    Just another financial casualty for those dumb enough to live in ultra liberal CT.

  3. Nikki says:

    And just where does FEMA think people are going to get the money for this? Is the Good fairy Obama handing out more cash?