"Insurance Costs Jolt Beach Areas"

"Many residents of the city's waterfront neighborhoods are struggling with a federal mandate that they elevate their homes or face increases in coastal flood-insurance premiums that eventually could exceed 500%, city officials and advocates say."

"In New York City, owners of 1,553 structures insured by the National Flood Insurance Program face higher rates because they have lost federal subsidies, according to maps from the Federal Emergency Management Agency. Another 30,000 structures in areas such as the Rockaways and Staten Island could face higher rates within two years, as the agency revises flood-zone maps.

While the insurance program historically has attracted criticism because it uses taxpayer support to rebuild vacation homes in vulnerable areas, city officials say most of the covered New York City structures are modest primary homes owned by middle-class residents."

Josh Dawsey reports for the Wall Street Journal October 22, 2013.

Source: Wall St. Journal, 10/23/2013