Premiums will be going up for most of the 53,000 New York City property owners covered by the federal flood insurance system, government stats reviewed by THE CITY show.
The National Flood Insurance Program rates that took effect Oct. 1 for new policyholders — and will hit in April for existing ones — have homeowners like Brooklyn’s Carly Baker-Rice facing new stress, on top of the toll of recent storms.
Baker-Rice and her husband bought their house in Red Hook last June in a move from Fort Greene, even though they predicted they’d eventually be “up to their knees in sewage” due to flooding in their new place, she said.
Just over a year into homeownership, that happened sooner than she thought. In August, Tropical Storm Henri flooded their basement and on Sept. 1, the deadly remnants of Hurricane Ida sent water splashing in through the front door.
Baker-Rice is still dealing with the damage and waiting for her insurance claims to go through — and she hasn’t been able to obtain a quote from her broker yet about how a new federal flood insurance policy might make her premium go up.
“It makes my heart race, and I’m already somewhat crippled by the amount of stress that I’ve been under for the last month,” said Baker-Rice, 38, who works as a corporate training consultant. “It’s incredibly frightening to not know what it’s going to go up by, knowing what some of the existing rates out there are.”
Prices will go up for at least 62% of flood insurance policies in New York City. More than 53,000 properties, including 19,440 single-family homes, are insured by FEMA’s program in the five boroughs, an analysis by THE CITY found. Nationally, more homeowners will be taking bigger hits: FEMA estimates 75% will see increases, which could be as much as 18% per year.
In the city’s 10 poorest ZIP codes, 38% of premiums will increase and 62% will decrease. The figures are roughly the same for the city’s 10 wealthiest ZIP codes.
Due for an increase: about 75% of covered properties in Queens, 65% in Brooklyn, 59% in Staten Island, 46% in The Bronx and 43% in Manhattan.