Coastal Home Owners Fear Changes in Home Insurance

Changes in home insurance by the National Flood Insurance Program have brought concerns to the homeowners in Essex Country. They met with the staff from the Federal Emergency Management to bring out their worries of having to pay large amounts of premiums.

Major increases for home and business insurance policies will be felt by the property owners. The highest increase will happen for buildings located in high risk parts of the coastal area. These are places where waves are at high velocity and power during storms. Subdivisions included in the ‘high risk areas’ are Plum Island, Salisbury Beach, and some parts of riverside Newburyport.

Insiders say that the premiums for both home and business insurance will rise at least three times and at most five times than normal in the next few months.

Even when property owners expressed their concerns and thoughts on the matter, no action was taken by National Flood Insurance Program as of the time this news was published online. Click here.

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