Colorado Springs property owners to get a bigger break on flood insurance premiums
Friday, January 10, 2014
COLORADO SPRINGS, Colo – Colorado Springs property owners will see an even bigger discount on flood insurance premiums thanks to the City receiving an improved score in the National Flood Insurance Program (NFIP) Community Rating System (CRS). The City of Colorado Springs has improved from Class 7 to Class 6, reducing floodplain insurance premiums by 5% within the city limits. The total reduction in flood insurance premiums through the City’s voluntary participation in the CRS program is now 20%.
“It’s great that FEMA has recognized the efforts that Colorado Springs has been making over the past several years to reduce flood risk in our community,” says Keith Curtis, Flood Plain Administrator, Pikes Peak Regional Building Department. “The twenty percent discount is more than welcome at a time when flood insurance rates are on the rise.”
The NFIP’s Community Rating System is a voluntary incentive program that recognizes communities that exceed the minimum NFIP requirements. Depending on a community’s rating on a scale of 1 to 10 (1 being the best), flood insurance premium rates are discounted to reflect the reduced flood risk. A community accrues points to improve its CRS Class rating and receives increasingly higher discounts. Points are awarded for engaging in activities such as public information, mapping and regulations, flood damage reduction, and flood preparation.
Of the 23,500 communities in the United States who participate in the FEMA NFIP, 1,386 participate in the voluntary CRS program. Colorado Springs is now in the top 300 of those who participate in the United States.
The City reminds citizens that there is a 30-day waiting period from the date of purchase before a flood insurance policy goes into effect. Now is a great time to purchase flood insurance before flood season begins this spring. Visit www.floodsmart.gov for more information.