With insurance rates rising, most policyholders are looking for ways to reduce their premiums. One possible way to decrease your flood insurance premiums is through the National Flood Insurance Program’s (NFIP) Community Rating System (CRS).
The CRS is a voluntary program that rewards communities that exceed the NFIP’s minimum standards of floodplain management. Communities accumulate CRS credits through proactive flood related activities to receive discounted flood insurance rates. Depending on the number of credits accumulated, policyholders can receive a reduction of 5% to 45% in their premiums.
To participate, communities have to be fully compliant with NFIP’s minimum floodplain management requirements. They also have to appoint a CRS coordinator and submit an application form. For more information about the program, download the CRS Coordinator’s manual.
Today, over 20,000 communities participate in the program. A recent FEMA blog post revealed how policyholders in one community, Altoona, PA, receive a 10% discount on their annual premiums (an average of $77.00 each) for their efforts.
More than likely, your community is already doing things that would earn CRS program credits. For example, conducting periodic inspections of drainage system channels, keeping computer records of flood and property data and regulating new construction to minimize soil erosion, all count towards the CRS program. Getting a discount may be largely a matter of collecting and submitting the required paperwork.
The CRS program also awards credits for activities related to flood damage reduction. Because flood vents are a proven way to mitigate flood damage to your home, installing flood vents may help your community gain CRS credits. In fact, aside from the CRS program, many insurance providers give discounted rates to homeowners with FEMA compliant flood vents. To learn more about our heavy-duty flood vents, contact us.
