This is interesting

Old Greenwich, summer, 2013

Old Greenwich, summer, 2013

From a reader:

Friends of ours living on Palmer Island * just got the bad news from FEMA.
Raise your first floor 7 feet higher than it is now
Fill your basement with cement, and move all the utility room mechanicals to at least the height of your first floor….or else…
Your annual flood insurance will go from 1200 bucks/year, up to $20,000.00
Estimated cost to raise their home, fill the basement, move the mechanicals and build a mechanical room, north of 250k.

*Ole’s Creek, on the lower, Old Greenwich side, I’m glad to note – Ed

8 Comments

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8 responses to “This is interesting

  1. not so annoymouse

    What happens if they can’t do either?

  2. Mickster

    There’s a difference between being “on” the water and “in” the water. It’s amazed me they’ve survived for so long.

  3. wish to be 6 feet under

    these houses will sink you, better off dead

  4. Accolay

    Chris, what’s your opinion on 45 Cedar Cliff and 28 Leeward? Both in same neighborhood and similar prices…

  5. Just_looking

    Is it crazy to pay off the mortgage and cancel the insurance (“self insure”)? Put that $20k a year in the bank and hope that it is a while until you “have a claim”. It is only the home you have to fix, as the land is generally not affected that much.

    • Riverside

      The problem is that while you may be willing to “self-insure” (assuming you don’t have a mortgage lender to deal with), this still seriously impacts resale value, as all don’t have the same resources/ inclination.