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| Additional Flood Insurance Premium Discount for Properties in Unincorporated Chatham County |
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The National Flood Insurance Program's (NFIP) Community Rating System (CRS) has verified Chatham County as a Class 7, which means that flood insurance policies issued or renewed beginning 5/1/2004, will receive a 15% premium discount.
Chatham County participates in the National Flood Insurance Program (NFIP) sponsored by the Federal Emergency Management Agency (FEMA) in order to qualify residents for flood insurance. The County also participates voluntarily in the Community Rating System (CRS) whereby residents qualify for reduced premiums. The goals of the CRS are to reduce flood losses, to facilitate accurate insurance rating, and to promote the awareness of flood insurance. The CRS was developed to provide incentives for communities to go beyond the minimum floodplain management requirements to develop extra measures to provide protection from flooding. The incentives are in the form of premium discounts.
The news is that effective May 1, 2004, the CRS rating for Unincorporated Chatham County is raised to 7 from 9. This means that the discount for policy holders in flood hazard areas (Zones A, AE and VE) will increase from 5% to 15%. For policy holders in non-flood hazard areas the discount will remain at 5%. There are over 16,000 policies in force with a total premium of approximately $7.7 million. The previous total savings was about $260,000 each year for an average of about $16 per policy. The total savings are now projected to be approximately $915,000 for an average savings of $56 per policy. |
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Use this link to get more information on the FEMA CRS Program |
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