Flood insurance in Norfolk just got a little cheaper for homeowners

June 09--NORFOLK -- Almost 7,000 Norfolk property owners will save money on their flood insurance thanks to a new federal ranking earned by the city.

The National Flood Insurance Program, which is administered by the Federal Emergency Management Agency, recognizes places that do extra work to reduce and prevent flood damage.

People who have flood insurance in those communities get automatic discounts on their premiums.

Norfolk recently advanced a rung under the discount program, known as the Community Rating System. The city had been a class 9 since 1992, which meant anyone with flood insurance saved 5 percent on their premiums.

Under Norfolk's new class 8 ranking, which took effect May 1, the almost 7,000 properties that are in the "special flood hazard area" will save 10 percent, an average of $107 a year, FEMA official Zane Hadzick told the City Council this week.

Another 1,300 flood insurance holders outside of the special area will keep saving 5 percent, an average of $33 a year.

People may not notice the discounts until their policy renewals take effect, said Kristin Owen, who works on flood insurance issues for the state Department of Conservation and Recreation.

Hadzick said people in Norfolk will save more than $791,000, part of $4.6 million saved in 25 Virginia communities that participate in the Community Rating System.

Doug Smith, the interim city manager, said it's "obviously a big deal and something that literally means money in the pockets of our citizens."

Owen said the new ranking recognizes Norfolk's community outreach and high regulatory standards, including requirements for building elevation and open space.

Lenny Newcomb, Norfolk's assistant planning director, said the city plans to do more work and hopes to get even bigger insurance discounts for residents soon.

There are seven rankings higher than Norfolk's current class 8. The highest, class 1, earns people in the flood-hazard area 45 percent discounts on insurance.

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