Home Buying in Brooklyn>Question Details

Mariya, Home Buyer in Midwood, Brooklyn, NY

Flood insurance rate increase effect on resale value?

Asked by Mariya, Midwood, Brooklyn, NY Mon Jul 29, 2013

With Biggert-Waters Flood Insurance Act underway, rates are likely to increase significantly. I am considering a home in Zone A (Bergen Beach), which was flooded during Sandy, yet prices have not dropped. Now that required flood insurance won't even be affordable anymore, what will happen to RE market in the area? I'm afraid that not only will my home get damaged, and I'd have to pay way too much for insurance, but then I'd have difficulty selling it when our family outgrows it.

Help the community by answering this question:

Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer