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During the recent recertification process that is part of the City’s participation in the National Flood Insurance Program (NFIP) and the associated Community Rating System (CRS), the City’s efforts have helped to reduce potential community wide impacts from flooding. Recent City efforts include:
• Flood mitigation planning and programing• Property acquisition within floodplains• Drainage maintenance improvements program• Higher regulatory standards for new development within the floodplain• Outreach website http://steamboatsprings.net/planning • Certified professional staff
As a result of these efforts the City has gone from a community rating Class of 8 to a Class 7, resulting in an additional 5% savings for property owners on all federally backed flood insurance premiums within the Special Flood Hazard Area (also known as the 1% Chance or 100-year Floodplain). The reclassification results in approximately $8,300 annual savings to property owners with flood insurance or $42 per premium. The new classification takes effect on October 1, 2015. This is the 2nd City initiated flood insurance rate reduction in the past 5 years.
The CRS is a part of the NFIP and the purpose is to reward communities for doing more than simply regulating construction of new buildings to the minimum national standards. The CRS allows flood insurance premiums of residents to be discounted based on the community’s efforts to reduce flood damage to existing buildings, manage development in areas not mapped by the NFIP, protect new buildings beyond the minimum NFIP protection level, preserve and/or restore natural functions of floodplains, help insurance agents obtain flood data, and help people obtain flood insurance.
The CRS uses flood insurance premium adjustments to encourage community and state activities beyond those required by the NFIP. The goals of the CRS are to:
• Reduce flood losses• Protect public health and safety• Reduce damage to buildings and contents• Prevent increases in flood damage from new construction• Reduce the risk of erosion damage• Protect natural and beneficial floodplain functions• Facilitate accurate insurance rating• Promote the awareness of flood insurance
For more information on this discount property owners should contact their flood insurance provider.