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Topsail Beach homeowners facing flood insurance hike

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TOPSAIL BEACH, NC (AP) -- More than 17,000 North Carolina property owners with federal flood insurance face sharp premium increases as the government works to get the flood program back in the black.

And it's causing worry in the small beach town of Topsail Beach between Wilmington and Jacksonville.

In a town with a year-round population of 368, an AP analysis shows 289 property owners face rate increases that could amount to thousands.

Mayor Howard Braxton says there will be hurt for people who have rented their modest beach bungalows to vacationers for years.

The mayor says the increases will be more than some mortgages and people who wanted to retire on the island will be forced either to sell or to continue renting their property.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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insurance scam

I'm a half owner of property here. We never could afford insurance and most likely we will never be able to afford insurance!!!!

Flood Insurance

I think if you are going to live on an island you have to take some risk on yourself. I understand having flood insurance, but once a place is destroyed, you take the money and no one can build on that piece of property again or if you do, you can't get flood insurance again.

flood ins.

It is my understanding that if you do not have a mortgage that you do not have to purchase flood insurance?

if this is the case then this expense is optional. If the folks that own these places are renting them out for some modest income (according to the mayor's comment's) Why would they qualify for federal flood insurance in the first place? that is the tax payers that live nowhere near a beach supporting their business through tax dollars.

Flood Insurance

First, taxpayers do not pay for the flood insurance. It is just a lesser expensive rate. However, a small house like mine pays over $2000 per year just for flood. This is in addition to homeowners and wind insurance.
Second, FEMA only helps with primary residences. NOT a dime for a second home or a business!!! FEMA is behind the wanted high rate hike that was sought. Businesses cannot afford over $60,000 per year just for flood insurance. There would be no businesses at all at the beaches in this country, period.
Correct, if no mortgage then you do not have to have flood insurance.
Topsail Island remains one of the cheapest places for families to go on vacation. We are no where close to what it cost at Wrightsville Beach in Wilmington!!

quite correct

in some respects.

The Mayor must be a man of means if he considers the in-season rental fee modest.

And if they have no mortgage, flood insurance would be an option.

Sadly, many of the properties were sold before the real estate bust. Ergo, big price and likely large mortgage.

I agree with you, taxpayers should not subsidize flood insurance. Taxpayers should not be supporting free cell phones, Section 8 housing, Medicaid, or any of the other giveaway programs.

sand bar

It has been a long time since I was on this Island. It has been my experience that this is nothing but a sand bar and it is not very smart to build on sand bars. Just my opinion.