President Obama delays hike to flood insurance premiums
President Barack Obama signed a law Friday to delay steep increases in flood insurance premiums.
Flood insurance specialist Garrett Guttenberg says this bill will help some 26,000 Long Islanders and make it more affordable to live by the shore.
Hope Prince, a Lido Beach homeowner, says she has already spent $148,000 to repair her home and the process is not close to complete. Prior to Superstorm Sandy, she paid more than $3,400 for flood insurance. She says she is worried she will have to pay more eventually.
Flood insurance premiums will go up, but it is not clear when that will occur. For now, Guttenburg says the delay will allow the market to bounce back and attract new home buyers.