An improved rating for flood insurance will result in city of Columbus property owners receiving an additional 5 percent reduction in premiums.
The city has exceeded minimum standards of the National Flood Insurance Program through its Community Rating System, meaning city residents with federally backed flood insurance will save 15 percent on policies issued or renewed after Oct. 1, said Cory Fischer, floodplain manager in the Columbus – Bartholomew County Planning Department.
Since 2013, the city and Bartholomew County had been at a Class 8 rating, which provides a 10 percent discount on policies. Now that Columbus has improved in the rating, its residents are eligible for the additional discount, Fischer said. County residents living outside the city, however, will maintain a 10 percent savings on their policies, he said.
The Community Rating System is a voluntary program for communities, Fischer said. Ratings are determined in part by visits and annual certifications that involve a full program review conducted by an insurance rating company, he said.
Goal of the program is to reduce flood losses, facilitate accurate insurance ratings and promote the awareness of flood insurance.
For more on this story, see Tuesday’s Republic.