Due to an oversight by City staff, Bellaire residents will lose the15% discount they receive on flood insurance premiums. While the City is working with FEMA to regain a discount for residents, it will be some time before the 15% is reinstated. The Mayor shares his thoughts on the situation here.
The City posted the following release:
Flood Insurance and the Community Rating System
The City of Bellaire participates in the Community Rating System (CRS), a voluntary federal program that rewards communities for implementing higher flood mitigation standards by providing discounts on flood insurance policies to residents.
Because we participate in this program, Bellaire property owners receive a discount on their flood insurance premiums according to the CRS Credit Points, Classes, and Premium Discounts Table.
There are a few items of note regarding renewing flood insurance premiums.
Beginning October 1, 2021;
Bellaire’s current CRS class will shift from a 7 to a 10, thus eliminating current discounts. This classification will be effective for policies that are renewed beginning October 1, 2021, through March 31, 2022.
FEMA is changing the methodology for calculating flood insurance premiums (Risk Rating 2.0). Risk Rating 2.0 allows FEMA to calculate premiums more equitably across all policyholders based on the value of their home and individual property’s flood risk.* This change may also impact flood insurance premiums.
Beginning April 1, 2022;
Bellaire City staff anticipates that the community will shift from a class 10 to a 9, which will deliver a 5% discount on flood insurance premiums.
Since being informed of the retrograde from 7 to 10 (effective October 1, 2021), staff has worked diligently with FEMA to regain their confidence in the City’s processes and standards for managing floodplain development.
Through this coordination, FEMA has permitted the City a “fast-track” to a class 9. Beyond, FEMA has allowed the City an opportunity to further improve our classification by October of next year, rather than having to re-enter the CRS program.
We are working diligently to rectify the situation and regain our status in the Community Rating System to pass along potential flood insurance discounts to eligible residents. We will provide updates to the community along the process.
You can visit the National Flood Insurance Program website for more information about flood insurance or call your insurance agent directly.
*Risk Rating 2.0 Equity in Action. (2021, April). https://www.fema.gov/sites/default/files/documents/fema_rr-2.0-equity-action_0.pdf
Check out the latest post on the Mayor Friedberg’s Blog: City on Fast Track to Restoring CRS Classification
