AVALON – At the Avalon Borough Council meeting April 22, Business Administrator Scott Wahl announced that the new flood insurance discount would be available to property owners beginning May 1.
The decrease is a result of the borough lowering its Community Rating System (CRS) score from five to three. Ten is the highest and worst. This effectively moves the insurance premium discount from 25% to 35%.
The borough joined an elite few of the over 1,700 communities in the CRS program that have achieved a rating level of three, including neighboring Sea Isle City. A review of the May 2019 FEMA listing of CRS ratings by communities showed no other municipalities in New Jersey with a rating of three or lower.
The new rating comes as a product of the FEMA five-year review process. The new score calls for a new requirement, as the FEMA review will now be conducted every three years.
According to borough officials, the new discount level will result in approximately $1.6 million in insurance premium savings for property owners.
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