NJ homeowners without flood insurance should be aware that New Jersey is currently one of the top states at risk for incurring damage from flooding. Not only are properties vulnerable to natural disasters such as hurricanes and storm surges, but homes are susceptible to impact from a variety of unforeseeable issues that cause water damage. Without flood insurance, NJ homeowners can be financially washed away.
New Jersey Ranks Fourth For Storm Surge Flood Risk
The state of New Jersey ranks fourth for homes at risk of storm surge flooding with over 471,000 at-risk homeowners. CoreLogic’s 2018 Storm Surge Report warns that close to half a million NJ homes are at risk of damage from storm surges this year. The Reconstruction Value Cost (RCV) of homes at risk in New Jersey exceeds $146 billion. RCV amounts reflect costs related to completely rebuilding a 100% damaged property.
More Reasons To Have NJ Flood Insurance Coverage
According to the Federal Emergency Management Agency (FEMA), floods occur more commonly and inflict more damage than any other natural disaster in our nation, causing millions of dollars in damage each year. Although many people tend to think that flooding mainly happens in the wake of severe storms, this type of disaster can also be caused by changes in how water flows above and underground, dams collapsing, melting snow, and other reasons.
Flood Damage Risk Is Rising
The risks for flooding may be increasing dramatically within the next three decades and beyond. The Union of Concerned Scientists (UCS) expects tidal flooding to worsen as the sea level continues to rise. The UCS published a report in June outlining alarming risks for New Jersey property owners, including a sobering projection of chronic flooding in over 250,000 homes before 2100.
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