Avalon Saves $42,000 as Result of Insurance Audit

AVALON – The Borough of Avalon will realize over $42,000 in savings as a result of an internal, self-initiated flood insurance audit that analyzed the coverage for all facilities in the borough.  
According to a release, the audit was conducted by the office of Mayor Martin Pagliughi and by the borough’s claims adjuster.  
New elevation certificates provided by the Avalon municipal engineer, along with assistance from the Department of Public Works and Tax Assessor’s office reduced the number of flood policies needed and significant savings for taxpayers, the release stated.
“Managing the borough’s finances and implementing initiatives to maximize cost savings is a daily task,” stated Pagliughi.  “I appreciate the months-long effort by our professionals to verify and update all information regarding our critical infrastructure to make necessary adjustments in our flood insurance policies that result in insured facilities at the best price possible.”
The audit consisted of evaluating every borough facility that has flood insurance to evaluate the elevation of the building, the value of the property, the value of the contents of the property, and the need for flood insurance.  
Due to proactive efforts of borough council and administration, the borough was able to reduce the flood insurance premium to the borough by $42,772.  
This evaluation ensures that the facilities are properly insured and mitigates expected increases in flood insurance rates in future years.
Avalon has its own Floodplain Management Plan drafted by a volunteer committee of residents and professionals that evaluates flood prevention and partnerships that the borough can create to provide greater resiliency to the community.  The creation of this borough-specific Floodplain Management Plan results in more points in the Community Rating System (CRS) that determines the discount applied to flood premiums paid by property owners.
The Borough will participate in a complete review of its flood management practices with FEMA, Jan. 22, that may result in an additional 5 to 10 percent savings on flood insurance premiums paid by property owners.