Flood insurance premiums discounted for Polk residents | News
Polk County, FL -- As a result of the county’s efforts, residents in unincorporated Polk County will receive an additional 5 percent savings on flood insurance premiums.
Aiming to reduce flood losses, facilitate accurate insurance rating and promote flood insurance awareness, the National Flood Insurance Program’s (NFIP) voluntary, incentive based Community Rating System (CRS) recognizes and encourages community floodplain management activities that exceed the minimum requirements.
Polk County participates in the CRS, and recently completed a five-year review that boosted the county from a Class 7 rating with 1,535 points to a Class 6 with 2,218 points. To accomplish this, staff created new activities and submitted more than 1,200 pages documenting current, previously un-credited activities for the Federal Emergency Management Agency (FEMA) to review.
Changing classes means that Polk County residents will now receive a 20 percent discount, and will cumulatively save an additional $129,297 per year, for a total savings of $505,216 annually. As of Oct. 1, 2011, all new and renewed flood insurance policies should automatically reflect the additional discount.
Flood insurance premium rates are discounted in 5 percent increments for each of the CRS ratings identified as Class 1 through Class 10. For example, a Class 1 community would receive a 45 percent premium discount and a Class 9 community would receive a 5 percent discount. Communities identified as Class 10 are not participating in the CRS program and property owners would not receive discounts.
Class ratings are determined by evaluating 18 creditable activities organized under four categories: Public Information, Mapping and Regulations, Flood Damage Reduction and Flood Preparedness. To move between classes, communities must accumulate 500 points in each category. For example, a Class 9 community would have 500 points and a Class 1 community would have 4,500 points.
To continue participating, communities must recertify each year and undergo an in-depth review every five years.