Wednesday, July 26, 2017

$660M spent repeatedly rebuilding same NJ properties

A much-needed reform to nation’s flood insurance would give homeowners the option to be bought out rather than rebuild.

Tom Johnson reports for NJ Spotlight:

The nation’s flood insurance program has shelled out $660 million to repeatedly repair and rebuild the same 3,246 properties in New Jersey since 1978, according to a new report by the Natural Resources Defense Council.

Across the country, the National Flood Insurance Program (NFIP) has paid out $5 billion to repair and rebuild more than 30,000 “severe repetitive loss properties,’’ analysis of Federal Emergency Management Agency data found.

The report, coming at a time when Congress is preparing to debate the reauthorization of the flood insurance program, recommends lawmakers revamp it to incorporate a series of climate reforms, including providing homeowners with a guaranteed buyout if they no longer want to rebuild.
“Flood insurance traps homeowners in a situation no one wants to be in: forced to rebuild in a location that will inevitably flood again,’’ said Rob Moore, lead author of the report and a senior policy analyst with the NRDC. “It’s time to start helping people move to higher ground, rather than make them wait for the next flood.’’

Read the full story here
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