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Pascrell: Flood insurance reform critical for homeowners

Pascrell: Flood insurance reform critical for homeowners

Pascrell: Flood insurance reform critical for homeowners
News from NorthJersey.com:

Last year, a powerful storm surge caused unprecedented flooding across New Jersey — from the Shore to the Meadowlands — when Hurricane Sandy hit the East Coast of the United States. While this catastrophe served as a wake-up call to many, because these storms will only get more dangerous as global climate change brings higher sea levels and more powerful storms, those of us in northern New Jersey know all too well that flooding has been a persistent danger since long before Sandy. Whether it was Irene, Floyd, or any of the spring rainstorms that cause flooding year in and year out, New Jerseyans are frustrated with the costs that flooding imposes on our communities and the hardships it inflicts on families.

Many homeowners still don’t know that their standard homeowners insurance does not cover damages due to flooding. As valuable as it is to the homeowner, it is simply unprofitable for insurance companies to provide this product in places like New Jersey with frequent flooding. In the end the taxpayers were left holding the bag when the waters rose. That is why Congress created the National Flood Insurance Program (NFIP) in 1968, which makes flood insurance policies available to homeowners at an affordable price.

The NFIP was designed to be self-funding, but over the past few years, the magnitude of disasters like Katrina and Sandy have do…………… continues on NorthJersey.com

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