As a resident I can say this is completely wrong. I pay $592/yr for my flood insurance and that include $100,000 of content coverage. My premium didn't change in the last 2 years since Sandy. No one in town is being forced to raise their home. I have been there for 10 yrs. now. My home is for sale now as i am moving out of state. If there was any truth to Hovnanian rumor...I'm not sure why other builders would be rebuilding the entire town. To answer Joe's original question.... in my opinion it is a great time to buy in UB as the town rebuilds the values will grow quickly to catch up to surrounding areas, as a large % of the town will be brand new!