Less than 1% (85,000) of the 5.2 million flood policy holders are Severe Repetitive Loss (SRL) properties account for 1/3 of all the flood claims paid.
SRL properties are homes that flood repeatedly. Most have been paid multiple times the cost of the property.
If the NFIP program was proactive in mitigating these properties NFIP policyholders would have saved billions.
Furthermore Congressman Royce explains in this video
“SRL problem is outpacing mitigation efforts by a factor of 10 to 1.”
“1 home valued at $69,000 flooded 34 times in 32 years. It resulted in $663,000 in total claims”
“The worst part of this is the SRL problem keeps growing”
Read Reason #1 , Reason # 2 , Reason # 3 here
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