Tampa, FL May 20, 2009 - The premium costs for the over 26,000 households in the city of Tampa with flood insurance policies have just gotten lower. Due to efforts of several City of Tampa departments, residents will see a decrease in their standard flood policy rates. The Community Rating System, which is administered by the Federal Emergency Management Agency (FEMA), awards points to a community for the activities it undertakes to address flooding and other hazards. The City of Tampa has been awarded a Class 6 rating, which will reduce residents’ premiums by 20 percent off the standard policy rates.
Ratings directly affect Tampa residents, not only because they reflect increased efforts to reduce flooding, but better ratings translate into lower costs for flood insurance. Each rating level below Class 10 reduces flood insurance costs by five percent. Policy holders were receiving an average discount of $105 off the standard flood policy rates. On May 1, 2009 that discount jumped up to an average of $142 per policy. The total savings amount to almost $3.7 million per year for flood insurance policy holders in the city. This is among the highest average savings in the nation. Many recipients of these savings do not even know they receive them and are unaware of the City’s efforts to reduce their policy costs.
Ratings are based on the number of points a community receives. Tampa’s Class 6 rating was due to efforts that have been undertaken to solve flooding problems, increase the amount of public land in the floodplain, the enforcement of rules for construction in the floodplain, and educating the public on the hazards of building in the floodplain and the importance of flood insurance.
To find out more about flood zones, visit the Stormwater Department at www.tampagov.net. For more information, please contact Stormwater Director Chuck Walter at (813) 274-8771 or via e-mail at email@example.com.
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