Manhattan floods during Hurricane Irene

Flood insurance is no longer a concern solely for New Yorkers shopping for second homes in Florida; it’s for residents of Manhattan apartments, too. According to the Wall Street Journal, as the Federal Emergency Management Agency has updated its flood-zone maps to designate some New York City locales high-risk zones, banks have begun demanding that purchasers of pricey Manhattan condos buy flood insurance. [more]

Flooded roads in East Hampton

Homeowners in the Hamptons and other vacation-heavy enclaves will no longer receive subsidies for flood insurance. The New York Post reported that the new law could negatively impact an already slow real estate sales market in the area, as buyers have another cost to take into account.

The provision is part of a larger flood insurance program overhaul that’s floating around the U.S. House of Representatives, who the Wall Street Journal reported just extended a deadline for changes to the system. But an alteration proposed by Oklahoma Sen. Tom Coburn has already been made permanent. [more]