Wednesday, March 12, 2008
FEMA To Implement Select Changes To Flood Insurance Ratings Effective May 1
FEMA will announce on May 1 its new policy on flood insurance ratings for certain buildings in the surrounding communities, including Pike County.
Through Community Rating System (CRS) discounts, flood insurance policyholders receive discounts on their annual premiums.
The National Flood Insurance Program’s CRS is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum requirements of the National Flood Insurance Program.
These incentive programs enable participating communities to benefit from discounted premium rates to reflect the reduced flood risks.
“This is an incentive that all citizens should take advantage of,” said Pike County Judge/Executive Wayne T. Rutherford. “Our county and the surrounding area has a long history of flooding and the best thing we can do is be prepared.”
Actions the national program recognizes as meeting the three goals of the CRS are reduction in flood loss, facilitation of an accurate insurance rating and promotion of the awareness for flood insurance.
For communities taking advantage of the incentives, insurance rates are discounted in increments of 5 percent. For example, a Class I community would receive a 45 percent premium discount, while, further down the line, a Class 9 community would benefit from a 5 percent discount.
Pike County is considered a Class 9 community and receives the 5 percent discount.
Pike County Floodplain Coordinator Jimmy Kiser received notification earlier this week that the National Flood Insurance Program has found certain issues with the current effectiveness of the CRS.
According to officials, this approach sees everyone benefits from the community’s ratings, even those who own buildings that are at high risk and may not be complaint with the construction criteria.
This was cited as the key reason for the change in the way CRS premium discounts will be applied.
Now, effective May 1, flood insurance policies for buildings that are rated as having the lowest floor one foot or more below the base flood elevation will no longer be eligible for the community’s CRS discount.
Policyholders who may have further questions or who are seeking further information are encouraged to contact Pike County Floodplain Manager Jimmy Kiser at (606) 432-6204.
Courtesy : Office of Pike County Judge Executive
Through Community Rating System (CRS) discounts, flood insurance policyholders receive discounts on their annual premiums.
The National Flood Insurance Program’s CRS is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum requirements of the National Flood Insurance Program.
These incentive programs enable participating communities to benefit from discounted premium rates to reflect the reduced flood risks.
“This is an incentive that all citizens should take advantage of,” said Pike County Judge/Executive Wayne T. Rutherford. “Our county and the surrounding area has a long history of flooding and the best thing we can do is be prepared.”
Actions the national program recognizes as meeting the three goals of the CRS are reduction in flood loss, facilitation of an accurate insurance rating and promotion of the awareness for flood insurance.
For communities taking advantage of the incentives, insurance rates are discounted in increments of 5 percent. For example, a Class I community would receive a 45 percent premium discount, while, further down the line, a Class 9 community would benefit from a 5 percent discount.
Pike County is considered a Class 9 community and receives the 5 percent discount.
Pike County Floodplain Coordinator Jimmy Kiser received notification earlier this week that the National Flood Insurance Program has found certain issues with the current effectiveness of the CRS.
According to officials, this approach sees everyone benefits from the community’s ratings, even those who own buildings that are at high risk and may not be complaint with the construction criteria.
This was cited as the key reason for the change in the way CRS premium discounts will be applied.
Now, effective May 1, flood insurance policies for buildings that are rated as having the lowest floor one foot or more below the base flood elevation will no longer be eligible for the community’s CRS discount.
Policyholders who may have further questions or who are seeking further information are encouraged to contact Pike County Floodplain Manager Jimmy Kiser at (606) 432-6204.
Courtesy : Office of Pike County Judge Executive
# posted by Joe Kinzer @ 10:42 PM 
