The National Flood Insurance Program is failing Hoboken residents and business owners according to Hoboken Mayor Dawn Zimmer.? The program was created in 1968 to provide insurance to property owners in flood zones who wouldn?t be able to secure insurance any other way.? The agreement was that the government would take certain steps to ward off flooding.? After the floods destroyed thousands of Hoboken homes they discovered that much of their costs were not reimbursable by the federal insurance program because they are in basements or garden apartments leaving these people to fall through the cracks of the system.
Hoboken Mayor Dawn Zimmer told a U.S. Senate committee yesterday that the National Flood Insurance Program that was supposed to protect business owners and residents in her flood-ravaged city in the aftermath of Hurricane Sandy has proven a failure.
Testifying at a Small Business and Entrepreneurship Committee panel in the nation?s capital, Zimmer estimated that Hoboken incurred more than $100 million in damages from the hurricane and said the National Flood Insurance Program is ?fundamentally unfair.?
?Business owners and residents are being required to pay insurance premiums, but receive virtually no coverage,? Zimmer told the panel. . .? Continue Reading
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