Virginia Beach residents and businesses will see a 15% savings on flood insurance premiums beginning May 1, 2019. This is the result of the City's successful application to join the Federal Emergency Management Agency/National Flood Insurance Program's Community Rating System (CRS).
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. Environmental Planner Whitney McNamara led the City's efforts to document and support the City's efforts. "The application process is quite intense and involves extensive documentation of activities and programs eligible for points. 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.
The CRS uses a 10-level (or point) scale to evaluate efforts. Each level below 10 receives a 5% 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.
"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 (NFIP) policies issued or renewed on properties in high-risk flood zones after May 1, 2019 will receive a 15% discount on premiums. Properties located 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 please contact Whitney McNamara in the Department of Planning and Community Development at (757) 385-8615. For more information on the rating system visit: National Flood Insurance Program Community Rating System.
20190402-CityCouncilCRSApril2019.pdf
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