Interesting article in The Cape Cod Times last week profiling Rogers and Gray Insurance and owner Chuck Robinson. Robinson is a veteran of the local insurance industry and his insights merit our attention.
According to Mr. Robinson, homeowners on the Cape and other nearby coastal areas are about to experience significant increases in their homeowners’ insurance rates due to reclassification of federal flood zone areas. The federal government has been involved in a study of coastal areas, to assess the accuracy of flood zones.Without going into too much detail, the government and more specifically FEMA are reclassifying flood zones using new data that is accounting for rising ocean levels. There is mention of a coastal area in South strattera 40mg Dennis where previously a small number of home were classified into a high priority flood zone. The new classification now extends this category to several hundred more homes in the area. Mr. Robinson indicates that the financial burden is very high for many homeowners and will only increase as insurance underwriters anticipate increased flooding in the future. A few days later there was a Boston news spot that talked about South Shore residents that are experiencing similar hardships as their homes are being reclassified and in some cases insurance rates rising to several thousand dollars a year. Any thoughts on how your property may be affected now or in the future?