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New Flood Maps Mean Big Insurance Bills For Nassau

Mandatory Flood Insurance Cost Is $2,766, But If You Act Immediately, You Can Cut Your Cost Substantially

VALLEY STREAM, N.Y. (CBS) ― Big changes are coming to Nassau County. Newly redrawn flood zones will force thousands of South Shore homeowners to buy pricey flood insurance.

But if you act fast, you could save big.

James Callahan, Commissioner of the Nassau County Office of Emergency Management, just received new flood maps a few weeks ago from the Federal Emergency Management Agency.

"Twenty-eight thousand properties will be affected in Nassau County," Callahan said.

Callahan says if you're property has been upgraded to a flood zone it's your responsibility to find out.

"This is not hurricane flooding like Katrina," Callahan said. "This is rainwater-type flooding."

Callahan took CBS 2 HD to Hudson Street in Valley Stream to explain the changes.

"This is a block that's one of the most affected ones. It was not on before, but now has to have flood insurance under the new maps," Callahan said.

"One of the ironic things is here we are on this block. If you went right over here and go across onto Fletcher Avenue … the houses that are directly across the street do not have to have flood insurance. This block, yes. That block, just 10-20 feet away, no."

Here's an example of the different flood zones as seen on the new maps.

Zone X is considered low risk and doesn't require insurance.

But if you're one of the 28,000 structures that have been upgraded to Zone AE, insurance is mandatory – and expensive.

Zone X insurance is optional at $388 per year. The mandatory insurance for Zone AE is $2,766.

But there is a silver lining.

"If you were not in a flood zone before and now you are, and if you buy your insurance in the next 60 to 90 days, at a minimum you'll be able to keep the rate as if you were not in the flood zone, so that means substantial savings," Callahan said.

However, some insurance agents are worried that people may not find out in time.

"I'm definitely afraid that the customers will get stuck due to the fact that they're not used to paying such high rates for flood insurance," said Patricia Honeywell of PDH Insurance Brokerage. "They're not used to paying any flood insurance rate."

The new Nassau flood maps are not official yet and you can appeal them, but time is running out.

(© MMVIII, CBS Broadcasting Inc. All Rights Reserved.)

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