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
Read the full story here
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