New legislation will increase flood insurance premiums for buildings that aren't retrofitted.
The New York City Department of City Planning (DCP) has released Retrofitting Buildings for Flood Risk, [www.nyc.gov/retrofitting] a comprehensive guide for New York City owners of buildings in flood zones. Part of the city’s response to widespread flooding as a result of Hurricane Sandy, the manual offers retrofitting strategies that will enable homeowners to reduce the risk of damage and disruption from coastal flooding.
Recent Congressional legislation reforming the National Flood Insurance Program will increase flood insurance premiums for buildings that are not retrofitted, according to a city press release. These increased premiums will directly impact neighborhood stability and housing affordability, especially for working class New Yorkers, the release says.