The Massachusetts Coastal Coalition held a Real Estate Abatement Day at Saint Anne’s Parish Hall in Marshfield on Saturday, for Marshfield and Scituate residents impacted by the Federal Emergency Management Agency’s enormous flood insurance premium increases.
About 60 people turned out for the event, for those homeowners impacted by federal flood insurance increases of $5,000 or more.
Real estate agents were on hand, but most people just wanted their questions answered about flood insurance.
Coastal Coalition Chair Joe Rossi said some residents on fixed incomes are being severely impacted by the increases.
“We had a woman we interviewed here with a $54,000 flood insurance bill, which she said went up thousands of a percent, because her house is an older home and of course those houses lost their insurance subsidies first. She gave a testimonial and basically said that she doesn’t know what she’s going to have to give up; her medical prescriptions or her benefits. It’s really those types of stories that we saw come in here a couple of times today, that were really devastating,” Rossi said.
The coalition videotaped testimonials from homeowners who might even lose their homes, due to the huge flood insurance increases.
“We saw 25% to 30% increases that did testimonials, but yet they’re on fixed incomes and the 20% increase is now what the cap is. So, everyone could see a %20 increase regardless and they are thinking of walking away from the home within the next five years,” Rossi explained
The videotaped testimonials will be sent to the state attorney general’s office.