Ocean City Reaches New Discount Level in Flood Insurance Program

OCEAN CITY — Ocean City has achieved Class 5 in the National Flood Insurance Program’s Community Rating System (CRS).
CRS Program Coordinator William H. Lesser announced the designation in a July 25 letter to Mayor Jay A. Gillian.
The designation means all NFIP policy holders in Ocean City now receive a 25 percent discount on their flood insurance. The CRS program rewards towns that take action to make properties less vulnerable to flooding. The new rating means Ocean City’s 17,019 policy holders collectively save more than $2.8 million every year – an average savings of $165 per participating home. Any policy that renews after May 1, 2016 will see the savings.
As of June 30, Ocean City owners together paid a total of $11,251,325 in insurance premiums protecting more than $4 billion worth of property.
Ocean City joins 13 other New Jersey communities at Class 5, the lowest (best) attained by any municipality in the state. A team of city employees, community members and outside experts is already hard at work on actions that could lead to a Class 4 rating, which would deliver another 5 percent savings.
The CRS program is designed to encourage building regulations, flood protection measures, educational efforts and other activities to reduce the potential risk of flood damage.