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Soaring flood insurance a new headache for Sandy-struck homeowners

Residents in Valley Stream are seeing their premiums

Residents in Valley Stream are seeing their premiums hiked to jaw-dropping rates. (July 8, 2013 6:09 PM)

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...

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