"Basement" definition is debated as Sandy-aid bill is considered

01/22/2013 | Insurance Journal

Flood insurance claims for low-lying apartments and businesses damaged by Hurricane Sandy in Hoboken, N.J., are limited because the properties were classified as basements, which has prompted local officials and residents to seek changes to the National Flood Insurance Program. The $51 billion Sandy-relief bill that cleared the House includes grants that could go to owners of damaged properties classified as basements, said a spokesman for Sen. Frank Lautenberg, D-N.J.

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