Ocean City Reaches New Discount Level in Flood Insurance Program
Ocean City has achieved Class 4 in the National Flood Insurance Program’s Community Rating System (CRS).
The designation means all NFIP policyholders with compliant structures in Ocean City will receive a 30 percent discount on their flood insurance, according to a city press release Tuesday.
The CRS program rewards towns that take action to make properties less vulnerable to flooding. The new rating means Ocean City’s 16,729 policyholders will collectively save $3,292,113 every year – an average savings of about $192 per participating home.
Any policy that renews after May 1, 2020, will see the savings.
A team of city employees, community members, and outside experts is already hard at work on actions that could lead to a Class 3 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.
Ocean City property owners pay a total of $10,973,710 in insurance premiums, protecting more than $4 billion worth of property.
Only three New Jersey communities have currently achieved Class 4 or better.