NORFOLK, Va. (WAVY) — The City of Norfolk says flood insurance is about to get a little cheaper for thousands of city property owners.
The city achieved a Class 8 rating under the Community Rating System program, administered by the Federal Emergency Management Agency (FEMA). The designation allows Norfolk residents and businesses with properties located in the FEMA-mapped floodplain to receive a 10 percent discount on flood insurance premiums.
Each eligible National Flood Insurance Program policyholder will save an average of $107 on their annual premium. Any policy that sits outside the Special Flood Hazard Area will receive a five percent annual premium discount for an average savings of $33.
Overall, the city says a Class 8 rating results in a total savings of over $791,754 annually for Norfolk residents.
The Community Rating System is a voluntary program. Norfolk is one of 25 localities in Virginia that participate in the National Flood Insurance Program’s CRS initiative. The FEMA regional administrator formally recognized the designation and presented a plaque during the city council meeting on Tuesday.
The city says this designation is the result of the city’s commitment to reducing risk and increasing resiliency for communities in the floodplain. Norfolk is the first city in Virginia to implement a freeboard ordinance, which ensures a building’s lowest floor is three feet above the minimum base flood elevation.