As many coastal homeowners are discovering, the recent changes to the National Flood Insurance Program enacted by Congress have caused an increase in insurance premiums. However, it’s important for homeowners to know that elevating their homes is an effective way to decrease these insurance premiums in the affected areas. Shore Up CT, a state-funded low-interest loan program, provides financing for property owners in coastal municipalities located in Flood Zones VE or AE to finance property elevations and related retrofitting for flood protection and wind-proofing activities.
This is a State Department of Housing program that hired a nonprofit lender, the Housing Development Fund, to manage the funds (i.e., process the applications and process the loans). It is funded with 25 million in-state legislature approved bond funds.
If you are a coastal homeowner and would like more information on flood insurance, please call Tim Russell CPCU at 203-255-2877.