Homeowners in Chesapeake who live in the Special Flood Hazard Areas are now eligible for a 15% reduction on their flood insurance premium thanks to a recent increase in the City’s standing in the National Flood Insurance Program’s Community Rating System.
The City of Chesapeake has been a member of the Community Rating System (CRS) of the National Flood Insurance Program since 2014. Following a recent recertification, the City’s CRS rating increased, leading to a higher discount on flood insurance premiums for those who live in the Special Flood Hazard Areas (from 10% to now 15%). Those who live in the Special Flood Hazard Areas are required to get flood insurance by their mortgage company.
The Office of Emergency Managements strongly encourages all Chesapeake residents to look into getting flood insurance, even if they do not live within the Special Flood Hazard Areas. Flooding is the most common and costly natural disaster and most homeowners and renters insurance do not cover flooding. Just 1 inch of water can cause $25,000 in damage. Flood insurance outside of the Special Flood Hazard Areas can be affordable, with a $350,000 policy costing homeowners in some parts of Chesapeake around $500 a year.
Now is the time to look into flood insurance as it takes 30 days to go into effect and severe weather season is here. Learn more by contacting your insurance agent or by visiting FloodSmart.gov.