Borough to provide residents with more flood insurance savings
Tracy Kilmer, the Borough’s Certified Floodplain Manager, has recently received sufficient credits to improve the Borough’s FEMA Community Rating System (CRS) to Class 7 status. As a CRS Class 7, Borough residents are eligible to receive savings of 15% off their flood insurance premiums. Previously, through Tracy’s efforts, the Borough was able to assist residents’ eligibility for a 10% discount. With over 100 residential properties located in the Special Flood Hazard Area, this amounts to huge savings for our residents.
FEMA’s National Flood Insurance Program’s (NFIP) Community Rating System is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements.
As a result, flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community’s actions in meeting the three goals of the Program:
- Reduce flood damage to insurable property.
- Strengthen and support the insurance aspects of the NFIP.
- Encourage a comprehensive approach to floodplain management.
The Borough receives a CRS classification based upon credit for FEMA flood related activities. By increasing our classification to CRS 7 Palmyra residents are entitled to a 15% discount. The effective date for the discount is May 2015. Until then the Borough will remain a CRS 8 and Borough residents are entitled to a 10% discount.
The 15% discount applies to all policies in the Special Flood Hazard Area. Properties located in the floodplain but outside of the Special Flood Hazard Area are still eligible for a 5% discount.
Residents should check the CRS discount box on their flood insurance renewal bill to verify eligibility and to make sure to receive the discount.
For more information on flood safety, flood mapping, elevation certificates and other important flood related information, please see the Borough’s Office of Emergency Management webpage by clicking HERE.
For more information on the National Flood Insurance Program please click HERE.
For details on the Borough’s CRS 7 classification please select the following links:
Palmyra NJ verification_report_2014
