Assemblyman Colton Warns Of Imminent Flood Insurance Hikes

Homeowners in areas hard hit by Superstorm Sandy in Southern Brooklyn and Staten Island are now at-risk of another blow: skyrocketing flood insurance premiums.

The Federal Emergency Management Agency (FEMA) is currently re-drawing floodplain maps, which will create a sudden spike in insurance premiums for homeowners rezoned into high-risk flood areas, State Assemblyman William Colton warned this week.

Colton charges that unless immediate action taken, rather than getting these homeowners flood insurance protection, FEMA’s move will create a new financial crisis for middle and low income homeowners by subjecting them to the high premiums.

The assemblyman is calling for a discussion on how to address this coming financial crisis in the special election to fill the vacancy in the 11th Congressional District.

“We must demand the federal government do more to better protect vulnerable coastal communities from not only extreme weather storms, but from an impending financial storm due to higher flood insurance premiums,” Colton said.

New York City’s 2013 Special Initiative for Resiliency & Recovery (SIRR) report, proposed urban resiliency ideas to protect vulnerable populations, not only from extreme weather, but also from FEMA flood map changes. Homeowners in local communities, which implement approved plans, should be subsidized from the devastating impact of high flood insurance premiums, according to Colton.

“We must mobilize elected officials to fight to obtain the funding and then federal agency approval of realistic plans to make our urban communities more resilient from extreme weather conditions such as Superstorm Sandy and Hurricane Irene,” said Colton. “Unless we act now to bring this about, Staten Island and Southern Brooklyn are in the line of fire for serious insurance hikes.”