A Break on Flood Insurance Premiums
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Nassau County has once again received an improvement in its classification in the Community Rating System (CRS). CRS is a voluntary program that recognizes and encourages community floodplain management practices that exceed the minimum requirements of the National Flood Insurance Program (NFIP). Nassau County joined the program in May 2017 and worked hard to improve its rating to allow for a reduction in flood insurance premiums for property owners within unincorporated areas of the county.
Flood insurance premiums are set nationally based on the age of structure, building materials and level of risk. However, communities that volunteer to adopt and enforce stricter ordinances to reduce flood risk can enroll in the CRS Program to earn insurance premium discounts for their residents.
Nassau County’s previous CRS rating was a Class 8, which allowed County residents to enjoy a 10% premium reduction for flood insurance with an overall cost savings of $176,000 for the residents. However, during the most recent cycle verification, the county was notified to a Class 7 CRS Rating, allowing residents to benefit from a 15% premium reduction with an overall cost savings of $232,000 to property owners with a flood insurance policy.
County Manager Taco Pope, said, “With the threat of increase to property insurance premiums throughout the country, we are happy to do what we can to provide relief to property owners within Nassau County. We will continue these our in hopes to improve our rating again during the next cycle verification.”
This content was originally published here.