Soaring flood insurance a new headache for Sandy-struck homeowners

Residents in Valley Stream are seeing their premiums hiked to jaw-dropping rates. (7/8/13)

VALLEY STREAM - Thousands of homeowners and businesses who were doubled over after Superstorm Sandy walloped the area last year are now facing a new burden: soaring flood insurance rates.

Residents like Joseph Margolin, of Valley Stream, are seeing their premiums hiked to jaw-dropping rates. Margolin says his neighborhood has never flooded, but FEMA classified it as a high-risk flood zone. His flood insurance rates went from $400 per year to $3,400, an increase of 700 percent.

A civic organization that was founded to fight FEMA on the issue contends that the new flood maps are highly inaccurate. "They didn't want to pay the Army Corps of Engineers, so they took Suffolk's map and laid it over Nassau and said, 'We're done,'" says Carol Krupi, who founded the civic group.

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In response to the outcry, Sen. Charles Schumer (D-NY) says there's a push in Congress to delay some insurance increases for up to five years.

A public hearing on the new flood maps is set for July 15 at Valley Stream Village Hall.

For an extended interview with Sen. Charles Schumer, click on the video to the left or click on News 12 Extra on Channel 612.

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