The “Severe Repetitive Loss” (SRL) issue needs to be addressed in the Re-authorization of the National Flood Insurance Program. This has NOT been addressed in the current legislation.
“One flooded house on the San Jacinto River in Kingwood, Texas might well be the poster child for what’s wrong with the National Flood Insurance Program. Houston Chronicle reporter Mark Collette found that one home, “has had 22 flood insurance claims totaling more than $2.5 million since 1979. That’s at least eight times what the house is worth.” That is just one example of tens of thousands around America. By one estimate, between 1978 and 2015, the NFIP paid $5.5 billion to repair and rebuild more than 30,000 “severe repetitive loss properties.” FEMA says up to 20 percent of flood insurance payments go to less than two percent of homes. The same homes flood year after year and the owners collect the payments, rebuild and repair and wait for the next flood.
Collette reported that this same fix-it-up and flood-it-again cycle happened around the country and it is bankrupting the flood insurance program that comes up for reauthorization in a few weeks.
Read the full story here .
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