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10/27/2017
The Northern Area Financial Summit

News & Press: Recent News

Government spent $660M rebuilding NJ homes that keep getting flooded

Monday, July 31, 2017   (0 Comments)
Posted by: Brian Pontious
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http://nj1015.com/government-spent-660m-rebuilding-nj-homes-that-keep-getting-flooded/

 

It’s like throwing money out the window.

 

A new study finds over the past 40 years, hundreds of millions of dollars have been spent rebuilding homes in the Garden State that keep getting flooded.

 

According to Rob Moore, a senior policy analyst with the Natural Resources Defense Council, New Jersey has one of the highest totals of severe repetitive loss properties of any state in the nation.

“3,246 properties in the Garden State have together filed damage claims under the national flood insurance program that total $660 million,” he said.

 

“These are properties that have been repeatedly damaged in floods, and repeatedly rebuilt through the national flood insurance program.”

 

Across the country, the national flood insurance program paid out about $5 billion to fix and rebuild recurring flooded properties.




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