VIRGINIA BEACH — Residents and businesses will see a 15 percent savings on flood insurance premiums beginning May 1.
That’s because of the city’s successful application to join the Federal Emergency Management Agency/National Flood Insurance Program’s Community Rating System, city officials said.
For several years, city staff has worked to become a member of the CRS, a voluntary program started in 1990 that encourages, and rewards efforts communities take to go beyond basic requirements to mitigate flooding.
“The application process is quite intense and involves extensive documentation of activities and programs eligible for points,” said Whitney McNamara, the city’s environmental planner. “This process included a thorough review of all city development codes and documentation of state, local, and privately-owned open space, as well as collecting documentation for other efforts the city was seeking points for.”
Virginia Beach will join 25 other Virginia communities currently participating in the program, including Norfolk, Chesapeake and Portsmouth, officials said.
The CRS uses a 10-level (or point) scale to evaluate efforts. Each level below 10 receives a 5 percent discount on flood insurance premiums. The city will join the program as a Class 7 community, which reflects the significant investment being made to mitigate flooding issues throughout the city.
Virginia Beach receives discounts for preservation of open space, higher building standards, and the Hampton Roads Hazard Mitigation Plan, among others, officials said.
“Becoming part of the CRS is an important step forward for Virginia Beach,” said Emergency Management Director Erin Sutton. “We are a coastal community, so flood insurance is a necessity. Residents who already have flood insurance will see a savings and people who haven’t felt they could afford it before might be able to get it now.”
All National Flood Insurance Program policies issued or renewed on properties in high-risk flood zones after May 1, 2019 will receive a 15 percent discount on premiums, according to a news release from the city.
Properties outside the high-risk flood zones are eligible for Preferred Risk Policies, which means properties located outside the high-risk flood zones are eligible for Preferred Risk Policies, which means they are already receiving a lower rate. The total savings as a result of the city’s participation in the CRS program will be in excess of $1 million per year.
For further information contact McNamara in the Department of Planning and Community Development at 757-385-8615. For more information on the rating system, click here.