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President Barack Obama
signed a law Friday that is expected to delay steep increases in flood
insurance rates. However, this has
only delayed, not solved the insurance problem affecting nearly 60,000
policyholders in New York.
Many Long Islanders
with subsidized government flood insurance will still be affected by steady
rate increases. This worries many who
live in Long Beach, Freeport, Babylon Town, Hempstead Town, and other places
that rely on affordable insurance policies to keep their businesses
afloat.
The insurance rates
will affect homeowners as well. At least
21,000 homeowners in Nassau and Suffolk counties will experience insurance rate
increases of as much as 18 percent.
Another 800 businesses and 4,000 vacation homes will see rates rise by
25 percent. These increases will occur
each year until the program has collected enough revenue to cover the $24
billion shortfall created from insurance discounts and catastrophic storms.
Learn more about flood
insurance premiums in Newsday.
The Law Offices of Louis D. Stober Jr. are experienced
in employment and labor law. Our experience, combined with our successful
track record makes us Long Island’s premier law firm. Contact our
office for a consultation by calling 877-791-8076. You can also like us
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