When we moved into a community that had no beach access, I looked into a neighboring community where property owners had beach access with the thought of buying a cottage and renting it out, just so we would have beach access as property owners. I abandoned that idea when I found out the federal flood insurance cost more than the P&I on a 150K cottage. And that was over 20 years ago so I doubt the cost has dropped.
Too bad. Sometimes things don't work out as expected. Should have had flood insurance.
I don’t know about all of the Sandy victims but I do know that most of the beach front house damaged in NJ were second homes or investments properties and that the majority of the posters on this board couldn’t afford to own one of them. We’re talking $1 million and up. I’m pretty sure most of them were insured, but if not… Well, who the hell buys a million bucks worth of beach front property and doesn’t by flood insurance for it?
I'm sure there are lots of ordinary people that suffered too, especially in NYC and area. Those will be the people most in need of help, especially those who have no place to live anymore.
I hate to say it but FEMA should have brought in those FEMA trailers as an emergency measure so these people have heat and a shower.
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