The Property Casualty Insurers Association of America (PCI) released a statement commending many of the tough stances taken on building codes, property development and loss-prevention and mitigation requirements in New Jersey’s Superstorm Sandy recovery efforts.
The comments pertain to New Jersey Governor Chris Christie’s "Hurricane Sandy Flood Map Regulations," which adopt FEMA’s updated advisory flood maps in an attempt to improve rebuilding efforts. This move is expected to decrease flood insurance rates over time, while it enacts drastic increases in premiums for those who do not adjust to the new set of rules. Gov. Christie unveiled this plan on Thursday; the maps should be completed in 18 to 24 months.
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