Residents in flood zones will see a 5 percent reduction in their flood insurance bills after the
The reduction in premiums will save the nearly 4,000 homeowners across the city who live and flood zones and who are legally required to pay for flood insurance about
"This is a great step forward for our community that was years in the making. This cost-savings for residents in the flood zone is a direct result of prioritizing flood-relief projects and working directly with our residents on navigating the complicated process of flood insurance and all of its related issues," Mayor Koch said in a statement. "I am grateful for the incredibly hard work of our department of public works, our engineering division and our private partners at
The discount, however small, is a welcome change for residents like
"I think it's great. Any discount is better than nothing," Albanese said. The first floor of her shoreline cottage was badly damaged in the storms and Albanese is still waiting for a payout to rebuild after she was forced to rip out her flooring, appliances and cabinetry.
Albanese and about a half dozen of her neighbors are still unable to move back into their homes that suffered massive flood damages in the storms 18 months ago, but they are required to carry flood insurance on the properties anyway if they have a mortgage.
"No city or town in
The upgrade is the result of infrastructure improvements like drainage work around
The city contracted
June is the first full month this lowered rate class will impact policies, and the city suggests policy holders contact their individual insurance agencies as policy renewals approach.The community rating system is a voluntary program that recognizes and encourages community floodplain management activities that exceed the national flood insurance plan's minimum standards. The most at-risk flood zones, classified as Level 10, have the highest insurance policy rates. Each step down from rate Class 10 gives homeowners a 5 percent break on their premiums.
Walker said there a lot of major infrastructure projects like replacing several miles of seawalls along Adams Shore into Merrymount and replacing aging pumping stations, that could earn further reductions in premiums in the future.
"We're going to keep going," he said. "A big part of our capital investments going forward are these flood relief projects."
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