Thursday, April 6, 2017

North Wildwood Receives Additional 5 Percent Flood Insurance Discount for Property Owners

North Wildwood Residents Will See a Lower Flood Insurance Bill This 
Year As a Result of the City’s Floodplain Initiatives for CRS Coordination


Due to the City of North Wildwood’s work on floodplain related initiatives, residents of the municipality will see an additional 5 percent discount on their flood insurance premiums this year.

According to a letter received by the City from FEMA on April 1st, 2017, North Wildwood has increased to a class 6 from a class 7 in the National Flood Insurance Premium (NFIP) Community Rating System (CRS) program.

Meaning, floodplain management activities implemented by the City of North Wildwood have now qualified property owners in the City with a 20 percent discount on the premium cost of flood insurance (an addition of 5 percent from past years), effective on or after May 1st, 2017.

“With the rising costs of flood insurance since the passing of the Biggert Water Act, it is more important now than that we do everything we can to make the cost of flood insurance more manageable for our property owners,” said Mayor Patrick Rosenello.

“Through floodplain management initiatives, we are able to inform the public that the City is considered a Special Flood Hazard Area (SFHA), and inform them that there are better building standards to avoid nuisance flood damage – including home elevations and flood vents, in addition to grant funding opportunities, which in turn result in a savings for our residents. It’s really a win, win."

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