Roanoke County Administrator Clay Goodman this week announced important information for residents with property located in flood hazard zones. The County has maintained a Class 8 designation in the Community Rating system (CRS), which means all National Flood Insurance program policies issued or renewed on property in flood hazard zones in Roanoke County, will receive a 10% discount on flood insurance premiums. Properties not deemed to be in a flood hazard zone but whose owners want flood insurance coverage will be offered a preferred risk policy.
As of August 31, 2012, there were 445 flood insurance policies in Roanoke County. Property coverage amounted to $89,685,400 with an annual written premium cost of $401,106. The total savings for citizens with flood insurance as a result of the County’s participation in CRS will be in excess of $40,000 per year.
The Community Rating System is a program initiated in 1990 by the Federal Insurance Administration to encourage and reward community mitigation activities that are beyond the basic requirements of the National Flood Insurance program. The goal is to reduce future flood losses, avoid economic disruption and human suffering, and promote awareness of the need for flood insurance.
There are 285 communities that participate in the national Flood Insurance program in Virginia. Of those, 22 communities have voluntarily committed to the Community Rating System program.
For more information on the Community Rating System and Roanoke County’s Floodplain Management plan, contact Butch Workman in the Department of Community Development at 772-2096 ext. 234.
Submitted by Roanoke County