Brick Home Owner Flood Insurance Costs to decline according to National Flood Program new ratings
News from the Brick Patch December 21 2016 as reported by Karen Wall
BRICK, NJ — Brick Township residents who must buy flood insurance will see the cost of their premiums decrease by an average of $200 after the township was accepted into the National Flood Insurance Program Community Rating System, township officials said Tuesday.
The National Flood Insurance Program Community Rating System is a voluntary incentive program that rewards communities for efforts to reduce the potential for flood damage in their towns in ways that exceed the minimum requirements of the National Flood Insurance Program, according to the Federal Emergency Management Administration’s website on the program.
Flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community actions meeting the three goals of the CRS:
- Reduce flood damage to insurable property;
- Strengthen and support the insurance aspects of the NFIP, and
- Encourage a comprehensive approach to floodplain management.
“Joining the Community Rating System was one of the first goals I laid out when I became mayor, ” Brick Mayor John Ducey said Tuesday evening at the Brick Township Council meeting. “There are so many residents of Brick Township that are impacted by the new flood insurance guidelines and we fought to help those residents.” “It took a great deal of work and I am proud of our staff for all they did to bring us into compliance with the program’s requirements,” Ducey said
Ducey said the township was recently notified by the Insurance Services Office that they have verified enough credits for the township to enter the program as CRS Class 6. This will translate to cumulative savings of $671,948 on flood insurance premiums for township residents, Ducey said.
The FEMA website says the CRS Class 6 entitles homeowners to a 20 percent discount on premiums for those whose homes are in the Special Flood Hazard Area on National Flood Insurance Program maps, which includes Zones A, AO, AH, A1-30, AE, A99, AR, AR/A1-30, AR/AE, AR/AO, AR/AH, AR/A, VO, V1-30, VE, and V. Homes that are not in the SFHA are entitled to a 10 percent discount, according to FEMA, because those are preferred risk policies and already have a lower premium
because those properties have a lower risk of flood damage.
Ducey said the township’s Land Use Department and Engineering Division worked aggressively to meet the requirements of the program.
There were 665 structures that had to be brought into compliance with NFIP requirements that mitigate flood damage, Ducey said, and the township contacted the
owners of all of them, hosted workshops to help with the mitigation, and inspected properties “to encourage compliance as required in order for the township to be eligible for the program,” Ducey said.
The Planning Department staff implemented procedures to ensure all floodplain management regulations are met, prepared an analysis of repetitive loss areas and prepared a Floodplain Management Plan.
“This has been a long road” Ducey said. “There have been many steps. I really credit our staff with putting in such an amazing effort.”
He said the township will keep working to earn more credits that will enable it to become eligible for larger premium discounts.
Karen Wall Brick Patch 12-21-2016
For More Information about Brick Flood Insurance Call us at I & E Insurance Agency 732-295-5584