Slash Flood Costs Secrets Hidden in NFIP Insurance
Secrets to Slashing Your Flood Insurance Costs
One of the key ways to reduce flood insurance premiums is through the Community Rating System (CRS), a voluntary incentive program that recognizes and encourages community floodplain management practices that exceed the minimum NFIP requirements. Communities that participate in the CRS program can earn discounts on flood insurance premiums for their residents, ranging from 5% to 45%1.
Additionally, the NFIP offers policyholders the opportunity to lower their premiums by implementing certain flood mitigation measures. For example, elevating a home above the Base Flood Elevation (BFE) can result in significant savings. According to FEMA, elevating a house just one foot above the BFE can reduce annual flood insurance premiums by as much as 30%2.