Many waterfront property owners have heard about the rising insurance costs but haven’t yet received a bill, in part because until today federal officials involved in the program have been on shutdown furlough.
“We’ve been talking to homeowners but Oct. 1 is the start date (of new rates), and this is just getting started,” said Jacqueline Page, president of Arthur S. Page Insurance Agency in Newburyport. “Each property is so different that I couldn’t comment on the proposed legislation. Homeowners have to review the policy, and talk with their bank and insurance agency.”
Coakley’s office said that insurance rates under the redrawn maps will not only increase for those already in the flood plain, but many homeowners and small businesses will be required to buy flood insurance for the first time.
The office said that some newcomers are now required to purchase flood insurance at costs of $10,000 and higher.