Federal program to reduce flood insurance rates - Tri-State News, Weather & Sports

Federal program to reduce flood insurance rates

Residents could see a reduction in their flood insurance rates through a federal program.

Some local insurance agents tells us the updated flood map that went into effect this year means some property owners who hadn't lived in a flood plain before are now seeking insurance.

"We're seeing a lot of customers that are getting those letters from their mortgage holders," Vaughn Insurance Agency Vice President Nibby Priest says.

Flood Plain Administrator Brian Bishop says the previous maps were created in the mid-80s and early 90s.  

Bishop says this year, nearly 970 properties are new to the flood plain and around 340 are coming out of it.

"Once we get settled into the program, we should be able to get about a 30-40% reduction in flood insurance rates," Bishop says.

The program called "CRS" or Community Rating System. He says the program is based on points earned for local flood-preventing measures such as the Canoe Creek clearing and ditch mowing.

Bishop says each 500 points earned means a five percent decrease in customers' flood insurance rates.  

He says once the program gets underway, its benefits will be welcome news for many people -especially the nearly 1,000 property owners new to the flood plain area.

"It's going to save the citizens money in the long-run. So, it's a win-win for everybody," Bishop says.

Bishop says the Henderson area isn't in that program just yet.  He says city and county officials will make a formal request to be in the program at the commission meeting on May 28th.

Copyright 2013 WFIE. All rights reserved.

 

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