Possible flood coverage hikes loom as Sandy victims rebuild homes

09/3/2013 | CNBC

Revised flood maps are bringing new requirements for rebuilding New York and New Jersey homes affected by Hurricane Sandy. Not following guidelines for elevation and other aspects of rebuilding could result in a jump in flood insurance premiums. "Unfortunately, [Sandy survivors] are suffering through this catastrophic event and they are looking at increased insurance premiums," said Bill McDonnell of the Federal Emergency Management Agency. "What we are hoping, though, is that [Sandy] has raised the awareness of the probability of this occurring again" and that storm victims "mitigate their properties to become more resilient."

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