January 2021
- New Jersey was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $30 billion in U.S. property losses when it occurred, including flood insurance claims covered by the federal flood insurance program, according to Aon. This makes Sandy the second most costly U.S. hurricane, after hurricane Katrina.
- There were 223,901 flood insurance policies in New Jersey in 2018. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program.
- In New Jersey 471,323 single-family homes were at risk in 2020 for storm surge damage from hurricanes up to Category 4 strength, according to CoreLogic, Inc. These homes would cost $150.6 billion to completely rebuild, including labor and materials.
- New Jersey’s market of last resort, the New Jersey Insurance Underwriting Association (NJIUA) was created by the legislature in 1968. Exposure to loss under the plan was $1.5 billion in 2019, compared with $3.4 billion in 1990. NJIUA’s total policies (habitational and commercial) amounted to 10,931 in 2019, compared to 54,878 in 1990.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
I.I.I. Facts & Stats: Hurricanes
I.I.I. Issues Updates: Catastrophes
I.I.I. Issues Updates: Hurricane and Windstorm Deductibles
