OCEAN CITY – Ocean City is one of 203 communities in the United States that has achieved a 15% discount level for active community flood policyholders. This discount results in a $1.53M in savings to property owners in 2011. The savings represents a discount of approximately $90.00 for each flood insurance holder in the City.
The City of Ocean City helps control the cost of flood insurance by participating in the Community Rating System (CRS) under the National Flood Insurance Program. The goal of the CRS program is to award communities for exceeding the minimum standards in flood mitigating activities.
Currently, premiums paid on active policies in Ocean City could be as high as $11.8 million. However, since the City participates in the CRS program, premiums decreased to $10.2 this year, delivering a discount level of over $1.5 million to Ocean City policyholders.
The Ocean City Department of Community Services oversees this program. Specific actions taken by the City to lower property owner rates include securing funding for beach replenishment; proper street and drainage system maintenance and improvements; enforcement of impervious coverage requirements; and public education.
The City reminds property owners that certain actions, such as illegally converting storage space into living space, may jeopardize insurance premiums and the City’s rating.
For more information, contact your local Flood Insurance Agent or go to http://www.fema.gov.
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