Author | Carissa Lord
The cost of flood insurance is going up. That’s nothing new. If you own a home in a regulated floodplain, you may even know that there are a few options homeowners can take to reduce their flood insurance premiums. But what about the rest of the community?
Communities that are on top of their floodplain management game can participate in a program that awards lower flood insurance premiums for the whole community. By joining the Community Rating System (CRS), community leaders can reduce the impacts of flooding AND reduce flood insurance premiums for residents. The more creditable activities, the deeper the discounts.
Full disclosure: before you check the box “sign-me up”, please note that initial entry into the program does take a little patience, organizational skills, and a box or two of file folders. If you’re up for the challenge and put in a little bit of effort (or recruit some help), your community will benefit from:
- Enhanced public safety
- Reduced property and infrastructure damage
- Increased economic stability
- More resilient natural environment
- Be enrolled in the Regular Phase of the NFIP for at least one year.
- Must be in full compliance with minimum requirements of the NFIP.
- Community must maintain FEMA Elevation Certificates on all new buildings and substantially improved buildings in the Special Flood Hazard Area (SFHA)
- You must be taking actions to mitigate repetitive loss properties (if applicable).
- Must maintain all flood insurance policies on properties owned by the community.
- If a coastal community receives a draft Flood Insurance Rate Map (FIRM) that delineates the Limit of Moderate Wave Action (LiMWA), the community must show the LiMWA on the final published FIRM.
