Ventura, 38, lives in the
Federal flood insurance rates will likely continue to increase, said
Bekanich said he didn't know directly what would happen, but from what he hears in meetings, the rates for the flood insurance program will increase annually. For some property owners, the increases might not stop until rates are
According to the
For Ventura, who attended the meeting, those rate increases feel like he's being pushed out. He's holding a piece of property he's invested in that doesn't have much resale value because flood insurance payments for the new owner could be high. He plans to see what kind of offer PEMA makes.
Complicating that route is the way PEMA calculates what to offer property owners. The agency uses the pre-flood value of the property and deducts any reimbursement a property owner received for which he or she doesn't have a receipt. The idea is to make sure people are using that money for appropriate expenses -- as opposed to a vacation, for example.
"If they make an offer, let's say they offer
Five years after floods hit the township, it might be difficult to track down all those receipts, said
"The house is fixed," he said. "It should be appraised as it is now."
Regulations, however, require PEMA to use the pre-flood value, Bekanich said.
The process is voluntary for property owners, said Thomas Hughes of PEMA.
"We're trying to make it as appealing as possible," said
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