DID YOU KNOW?

• ANYONE can purchase Flood Insurance (as long as their property is in a NFIP community).
• Both Arapahoe County and City of Centennial residents can get up to a 15% reduction on flood insurance premiums.

Community Rating System (CRS) 

The National Flood Insurance Program’s (NFIP) Community Rating System (CRS) was implemented in 1990 as a voluntary program to recognize and encourage communities to exceed the NFIP’s minimum standards. Any community that is in full compliance with the NFIP’s minimum floodplain management requirements may join the CRS program.

Both the City of Centennial and Arapahoe County participate in the NFIP, which allows any property owner in the SEMSWA service area, to get a Flood Insurance Policy. Even renters can get flood insurance to cover the contents of their home or business. The City and County already reduce the cost of Flood Insurance Policies through the CRS Program. The City and County are currently rated at a CRS classification of 7 (out of 10) where 1 is the highest possible classification. A CRS classification of 7 results in a 15% reduction on flood insurance policy rates.

• Every CRS class increase is a 5% reduction in the cost of flood insurance
• The highest classification is 1 which results in a 45% reduction on flood insurance rates 
• Classification is based on the City and County’s adoption of higher than minimum FEMA standards, hazard recognition plans and outreach

Biggert-Waters Flood Insurance Reform Act

You may have heard new reports regarding the Biggert-Waters Flood Insurance Reform Act (BW-12) which was signed into law in July 2012. The Bill impacts property owners by:

• Eventually eliminating all subsidies such that all policies will eventually increase to actuarial rates
• Automatic 5% increase on almost all policies for a catastrophic relief fund
• Increasing the amount flood insurance rates can increase each year.

However, rates for new policies have always started at actuarial rates. 

SEMSWA staff are not insurance agents and cannot answer specific rate questions but we can help with the information that is often required to obtain an flood insurance rate quote. An insurance agent will most often require an Elevation Certificate (EC) for a property if one has not already been done. In addition, flood elevation information is also required to receive an accurate flood insurance rate. SEMSWA staff are available to assist with both of these processes. 

To discuss flood insurance please contact FEMA Region 8 at (303) 235-4732.