New Castle County property owners get flood insurance discount

320
Advertisement

New Castle County has secured a discount to help offset rising flood insurance rates for home and business property owners who purchase coverage through the National Flood Insurance Program. 

The savings become effective starting this May as property owners renew their annual flood insurance policies.

“New Castle County’s effective flood management practices have secured insurance discounts that will save property owners $250,000 every year,” County Executive Matt Meyer said. “These efforts protect the environment and improve water quality, reducing property damage and keeping all of us safer during flood events. They also help our communities adapt to the growing impacts of climate change.”

New Castle County secured the flood insurance discount by participating in the National Flood Insurance Program’s (NFIP) Community Rating System, a voluntary incentive program that rewards communities for local mitigation and floodplain management policies and outreach efforts that exceed minimum national requirements.  Out of 22,000 communities that participate in the National Flood Insurance Program New Castle County is among the 5 percent of communities that participate in the rating system. 

Community Rating System communities receive a score on a scale from 1 to 10, and each score below 10 reduces flood insurance premiums by five percent.  New Castle County recently achieved a score of 6, which provides a 20 percent discount in flood insurance rates for structures located within the Special Flood Hazard Area – a federal designation that identifies properties where flood insurance is required

Advertisement

New Castle County’s previous score of 8  led to a 10 percent discount in flood insurance through the National Flood Insurance Program. 

As  a result of this new score, local flood insurance policies for structures located outside the boundaries of the Special Flood Hazard Area will benefit from a 10 percent discount.

New Castle County’s improved CRS score is driven by the substantial amount (42%) of land in flood-prone areas that are protected from development as public and privately-owned open space as well as county legislative action to strengthen the county’s floodplain regulations. 

New Castle County’s participation in the CRS is managed by professional engineers in the Department of Land Use, in conjunction with the county’s Office of Emergency Management. 

To learn Learn more about flood insurance and the National Flood Insurance Program (NFIP) by contacting your insurance agent or visit https://www.floodsmart.gov.  

Advertisement
Advertisement