At least one condominium in north Ocean City is facing spiked insurance rates because of a flood mapping error, and several other properties between 93rd and 123rd Streets are poised for similar increases.
The Federal Emergency Management Agency (FEMA) has incorrectly included segments of some ocean front properties in a high-risk zone on an online interactive flood insurance rate map. Since several third-party analysists use the website, property owners are now seeing thousand-dollar increases in their flood protection.
“We have one condo, the Rainbow [near 112nd Street] that was quoted at a premium of $460,000 for the year,” Delmarva Condominium Managers Association President Joe Groves told the Ocean City Council during Tuesday’s work session.
The Rainbow, or rather the dunes placed between it and the ocean, is the source of misunderstanding between the city and FEMA. When the structure was built in 1993, officials required that a dune be built for protection. In the last two decades, the Army Corps of Engineers added a second dune.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Just my opinion, but I think that anything that is built within 1/2 mi. of the oceanfront should be assumed (or even officially declared) uninsurable, built and maintained at the property owner's sole risk.
That would surely help to bring rates down a bit. Hurricanes have cost insurance companies and taxpayers billions of dollars just in the last decade, mostly from properties knowingly built in harm's way..
Fema flood maps are not logical. Dorchester County's floodplain was reduced by 50% while Somerset County's increased by 50%. It is the same water so flood risk changes should be the same in Dorchester as Somerset. Somerset officials had the chance to dispute by joining Worcester and Wicomico but chose not too. Meanwhile Worcester and Wicomico got favorable rating results. This is not about risk, its about controlling property rights. These actions or should we say inactions have lowered Somerset County property values and hurt homeowners. Now Somerset County Commissioners are working to get all the excess poultry manure so that it can be incinerated here. I wonder how much they and their relatives will benefit while the hardworking people of Somerset pay the price.
Post a Comment