Except for a couple of ZIP codes, less than 30 percent of homeowners along the entire New York coast had flood insurance in 2010, according to an issue brief by Resources for the Future, a nonprofit research group based in Washington, D.C."Storm after storm over the last several decades has shown that take-up rates for flood insurance are often lower than one would expect, leaving many homeowners without access to capital to rebuild," wrote authors Carolyn Kousky and Erwann Michel-Kerjan.
Case Closed: Many Sandy Claims Not Eligible For Insurance Payment
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