Transcript IMPACT OF NEW MAPS ON FLOOD INSURANCE RATES

The National Flood Insurance Program's
(NFIP's) Community Rating System
(CRS) is a voluntary incentive program
that recognizes communities for
implementing floodplain management
practices that exceed the Federal
minimum requirements of the NFIP to
provide protection from flooding.
In exchange for a community's proactive
efforts to reduce flood risk, policyholders can
receive reduced flood insurance premiums for
buildings in the community. These reduced
premiums reflect the reduced flood risk
resulting from community efforts toward
achieving the three CRS goals:
1.Reduce flood damage to insurable
property
2.Strengthen and support the
insurance aspects of the NFIP
3.Encourage a comprehensive
approach to floodplain
management
 Participation in the Community Rating System (CRS) is
voluntary. By participating, communities earn credit points
that determine classifications. There are 10 CRS Classes:
Class 1 requires the most credit points and provides the
largest flood insurance premium reduction (45 percent),
while Class 10 means the community does not participate
in the CRS or has not earned the minimum required credit
points, and residents receive no premium reduction. The
CRS Classes are based on completion of 19 creditable
activities organized into 4 categories:
SAMPLE FLOOD INSURANCE RATES
Flood Insurance Premiums
When Structure is Built ABOVE the BFE*
Lowest Floor
Elevation
Rates Effective October 2013
AE Zone
VE Zone
BFE
$1,447
$3,167
BFE + 1 ft.
$650
$2,420
BFE + 2 ft.
$428
$1,695
BFE + 3 ft.
$356
$1,235
BFE + 4 ft.
$320
$1,097
* Flood insurance coverage of $100,000 building/$25,000 contents on
an NFIP compliant structure with a policy deductible of $1000.
LOCAL FREEBOARD & NFIP
STATISTICS
Community
Joined NFIP
(Regular Program)
Freeboard Policies
Insurance in
Force
Brunswick
County
5/15/1986
1 foot
3,954
$1,055,082,400
Village of
Bald Head
5/15/1986
2 feet
1,0191
$322,236,200
Town of
Belville
6/02/2006
2 feet
36
$10,324,000
City of Boiling
Springs Lakes
3/02/1989
2 feet
121
$29,794,800
LOCAL FREEBOARD & NFIP
STATISTICS
Freeboard
Policies
Insurance in
Force
6/02/2006
2 feet
2
$378,000
Town of
Calabash
2/04/1988
2 feet
67
$16,466,000.
Town of
Carolina Shores
1/26/1999
2 feet
290
$83,300,200
Town of
Caswell Beach
1/17/1986
2 feet
654
$140,390,500
Community
Joined NFIP
Town of Bolivia
(Regular Program)
LOCAL FREEBOARD & NFIP
STATISTICS
Freeboard
Policies
Insurance in
Force
5/26/1972
n/a
1,969
$518,173,400
10/19/1992
2 feet
381
$107,742,100
6/02/2006
2 feet
7
$1,415,000
11/12/1998
2 feet
4
$917,000
Community
Joined NFIP
Town of
Holden Beach
Town of Leland
Town of
Navassa
City of
Northwest
(Regular Program)
LOCAL FREEBOARD & NFIP
STATISTICS
Community
Joined NFIP
(Regular Program)
Freeboard
Policies
Insurance in
Force
Town of
Oak Island
07/01/1999
2 feet
3,599
$865,489,700
Town of Ocean
Isle Beach
11/17/1972
3 feet
2,956
$697,876,100.
n/a
n/a
n/a
n/a
1/03/1986
1 foot
139
$40,948,300
Town of
Sandy Creek
(np)
Town of
Shallotte
LOCAL FREEBOARD & NFIP
STATISTICS
Community
Joined NFIP
(Regular Program)
Freeboard
Policies
Insurance in
Force
City of
Southport
4/15/1977
3 feet
420
$118,114,300
Town of
St. James
6/27/2000
2 feet
768
$240,456,800
Town of
Sunset Beach
11/17/1972
1 foot
1,849
$468,068,700
Town of
Varnamtown
05/30/2001
n/a
8
$2,468,000