Residents could save 15 percent on flood insurance, depending on residential area
With every penny that much more crucial in today’s economy, residents are getting a chance to save a large chunk off their flood insurance.
According to the National Flood Insurance Program, the average flood insurance policy costs $540 a year. Frugal residents can save up to $75 off that by doing more than just what is required.
Through active community floodplain management activities, Boynton Beach has previously been able to drive down the cost of flood insurance for residents by 10 percent under the program’s Community Rating System.
Now, residents will save an additional 5 percent for a total of 15 following a five-year cycle visit by NFIP’s rating agency.
CRS is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements.
City spokesman Wayne Segal said the program has a goal of letting residents know that flood insurance is not the same as property or part of it.
“It really depends on where you live, that is why it is important to call the city to find out,” he said.
He said by doing just a bit extra, residents are getting a discount to avoid spending the regular rate on flood insurance.
Kathleen Sweeney, the city's CRS coordinator, said that residents in special flood hazard areas are able to get the 15 percent discount and residents not in those areas can get 5 percent.
“Residents in an A-rated flood zone are high risk, and B and C are lower to moderate,” she said.
Sweeney said the city was previously an 8 rated, then 7 and is looking to make a 6 in the next six to eight months by spreading the information, helping residents get their elevation certificates and enacting a floodplain management plan.
Insurance premium rates are cut to reflect the reduced flood risk from community actions meeting the three goals of the CRS: reduce flood losses; facilitate accurate insurance rating; and promote the awareness of flood insurance.
Boynton Beach is one of nearly 900 communities receiving flood insurance premium discounts.
Sarah Marie Dodd, a six-month resident, said she has no idea what type of zone she lives in.
“This is something I will have to check on ASAP,” she said. “Every penny counts and why should I be paying more if I live in a high risk area?”
For information on the National Flood Insurance Program, visit www.floodsmart.gov.
Mike Rothman can be reached at mkrothman@tribune.com.
