Flood Insurance Rates May Go Down
Maria Thi Mai
Due to a resolution that Commissioner Adams introduced this week, you may be eligible to increase the current $200 savings to your flood insurance premium. Council's approval of a resolution to amend the City's Hazard Mitigation Plan makes it possible for the City to improve our ranking with FEMA’s Community Rating System. Because Portland has gone above and beyond FEMA's standards for flood preparedness and management especially in the Johnson Creek Watershed, residents may receive an additional 10% off of the already 20% discount to their flood insurance premium. Currently 1,446 Portlanders receive an average discount off of about $200 per year on an average $800 annual flood insurance premium or about $289,000 city wide.
Implementing the recently Council-approved, Portland Watershed Management Plan is the other important piece to lowering our rating. Portland will complete the process of renewing their participation in the FEMA rating system later this year which will determine our new rating, effective October 2006.
http://www.fema.gov/nfip/crs.shtm
Download 032206_fema_amendment_354_resolution.doc
Posted by Maria Thi Mai on March 24, 2006
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Filed Under Environmental Services, Livability & Environment, Southeast Portland (inner)
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