After Sandy, a new threat: soaring flood insurance

Federal authorities have been issuing a sobering warning to thousands of homeowners still struggling to recover from Superstorm Sandy: Raise your homes above the flood

Many home and business owners are still working to recover from Superstorm Sandy.

Many home and business owners are still working to recover from Superstorm Sandy. (6/10/13)

TOMS RIVER - (AP) - Federal authorities have been issuing a sobering warning to thousands of homeowners still struggling to recover from Superstorm Sandy: Raise your homes above the flood plain or face soaring insurance costs.

For many residents in coastal New York and New Jersey, that's an impossible choice, because they can't afford to do either.

Raising even a small cottage up on stilts can cost $60,000. Elevating a big, multilevel home could cost $250,000.

But insuring homes that haven't been raised could cost just as much.

One Toms River New Jersey resident tells The Associated Press his insurance premiums might hit $30,000 per year if he doesn't jack up his house.

He and other homeowners are waiting to see whether coastal rebuilding rules will simply make it too expensive to stay.

advertisement | advertise on News 12

Trending Video

VIDEO: Chopper 12 over small plane crash on 1 VIDEO: Chopper 12 over small plane crash on Bayonne street
Pilot from Long Island recovers after small plane 2 Pilot recovers after plane crashes onto street in Bayonne
Pilot from Long Island recovers after small plane 3 Small plane crashes on Bayonne street
One lane in each direction now open on 4 Portions of Bayonne Bridge's upper deck now open
Residents across New Jersey are taking advantage of 5 Residents take advantage of spring-like temps

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE