By Ariella N. Sparr
In the wake of Hurricane Sandy, state and federal governments are creating plans to protect coastlines from future devastation with uncertain outcomes for homeowners. The Governors of two of the hardest hit states, New York and New Jersey, have announced two different plans for the devastated property on their shores. New Jersey Governor Chris Christie proposed that homeowners either spend tens of thousands of dollars to elevate their homes, or pay up to $31,000 per year for federally-funded flood insurance. In lieu of federal flood insurance, New York Governor Andrew Cuomo proposed a buyout program for certain coastal areas destroyed by the storm. Under this plan, Governor Cuomo proposes to offer the pre-devastation market value of the property to homeowners, and re-purpose the land as dunes, wetlands, natural buffers or public parkland to protect the coast. While homeowners could benefit from both plans, the question arises, which of these programs offers better remedies to homeowners?