BURLINGTON CITY, N.J. (AP) — While the New Jersey shore and some northern New Jersey river communities have been hit hard by flooding, the residents there are not the only ones seeing flood insurance rates go up.
There are more than 88,000 flood insurance policyholders across the state who will see their rates rise as part of changes to the government-subsidized National Flood Insurance Program.
Taylor Rambo says he hasn’t had a drop of water in his Burlington City home since he bought it in the late 1990s and he’s so confident that it won’t flood that he built a bar in the basement.
Yet he says his flood insurance bill is $2,700 a year. And as the federal government phases out subsidies, it’s likely to rise quickly.