Who is required to carry flood insurance and who is eligible for flood insurance under the National Flood Insurance Program (NFIP)?
Most lenders require property owners to carry flood insurance under the NFIP for structures within the Special Flood Hazard Area (SFHA) as determined by the currently effective FIRM.
Lenders may require property owners to carry insurance if any part of the property is within the SFHA.
Property owners not in the SFHA are encouraged to purchase insurance policy under the NFIP at discounted Preferred-Risk rates.
What is the Community Rating System (CRS) discount on my flood insurance policy bill?
The CRS is a voluntary program in which NFIP communities can participate that recognizes and incentivizes flood risk reduction activities taken by the community which exceed the requirements of the NFIP.
Flood insurance rates are discounted in the participating community in increments of 5% based upon the community’s rating to reflect the reduced flood risk.
The City’s current CRS rating is 6, which provides citizens a 20% premium discount.
Where can I find an Elevation Certificate for my property?
A new Elevation Certificate can be obtained at anytime from a private, licensed engineer or land surveyor.
An Elevation Certificate is currently required for all new Certificate of Occupancy permits in the Special Flood Hazard Area (SFHA).
If an Elevation Certificate has been completed in the past, it will most likely be found in the property owner’s closing documents.