Many TN homeowners rejecting flood buyouts
A group of homeowners near Nashville, Tennessee, have chosen to rebuild their homes instead of accepting a buyout of their property by local officials following devastating floods.
More than 300 property owners were offered buyouts following disastrous 2010 flooding that left four feet of water in some properties. However, about 30 percent have chosen not to take part in the voluntary program. Instead, they have chosen to rebuild using their flood insurance claims or own money. Flood coverage is not included in standard homeowners insurance coverage.
"People who live on the river are like people who live on the coast," Councilman Phil Claiborne told the paper. "They appreciate the potential consequences, but they're willing to take the risk. A lot of them have been there for years. This is not the first time they've been flooded."
The paper says the flood event caused roughly $2 billion in damage to the Nashville area.
Last fall, the city of Nashville announced that after a budget freeze, it had restarted the buyout process on more than 120 properties. The program uses funds from both federal and state emergency management agencies.
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