Flood Insurance Costs May Soar For Hardest-Hit Sandy Victims

huffingtonpost.com - June 9, 2013 - Katie Zezima and Meghan Barr

MANTOLOKING, NJ - MAY 15: A beach front home damaged by Superstorm Sandy is tagged to be torn down and hauled off, May 15, 2013 in Manotoloking, New Jersey. Mantoloking officials say that at least 50 homes are scheduled to be demolished in the up coming weeks. (Photo by Mark Wilson/Getty Images)

George Kasimos has almost finished repairing flood damage to his waterfront home, but his Superstorm Sandy nightmare is far from over. ...

That's because the federal government's newly released advisory flood maps have put his Toms River home in the most vulnerable area – the "velocity zone." If that sticks, he'd have to jack his house up 14 feet on stilts at a cost of $150,000 or face up to $30,000 a year in flood insurance premiums....

For many, it's an impossible choice. They can't afford to do either. And many unanswered questions have left residents paralyzed with indecision....

Until the new flood maps are finalized in coming months by the Federal Emergency Management Agency, homeowners won't know for sure how high they'll have to raise their homes – if they have to raise them at all.

Officials are urging people to elevate their houses now because they are eligible for federal financial aid. About $350 million of New York City's and $600 million of New Jersey's Sandy relief funding has been allocated for the repair of single- and two-family homes, which could help defray the cost.

But it's still unclear how that money will be distributed among individual homeowners, which means many of them could be on their own financially.

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