Some Phoenix property owners can save more money, up to 25 percent, on their flood insurance premiums thanks to improved floodplain management.
Phoenix was accredited with a Class 5 designation from the Community Rating System (CRS), one step above the previous rating of Class 6. What is the CRS? The CRS is managed by the National Flood Insurance Program (NFIP) and rewards a community-centered approach to increasing a city’s flood resiliency through flood management activities.
In 2016, Phoenix updated its Floodplain Management Plan in an effort to increase public safety and work towards improving the CRS rating for its residents. Other flood management activities implemented by the city of Phoenix include public outreach, certifications and increased regulations.
The current discount will increase from 20 percent to 25 percent for those eligible in special flood hazard areas designated by FEMA (Federal Emergency Management Agency). The discount will collectively save flood insurance policy holders a projected $855,754 annually. Other residents outside special flood hazard areas are able to buy flood insurance at a ten percent discount.