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Flood Insurance Premium Discount Reductions for the City of Albany

Special to the Metro

Albany, GA - Some of Albany’s flood insurance policy holders will see an increased discount in their premiums, following an improvement in the city’s classification under the Community Rating System (CRS).

The increased discount is a direct result of floodplain management and mitigation activities implemented by the city. Albany recently received word from the Federal Emergency Management Agency (FEMA) that the city earned a higher classification to a Class 7 in the National Flood Insurance Program’s CRS. This rating earns the community a discount of fifteen (15%) percent on most flood insurance premiums. The discount applies to most new or renewed policies in Special Flood Hazard Areas on or after May 1, 2016.

For many of those located outside the 100-year flood plain, flood insurance premiums will continue to receive a five (5%) percent discount. For those located in low-to-moderate risk areas, a low cost Preferred Risk Policy is ideal to protect homes and businesses. Homeowners can insure buildings and contents for as little as $146 per year. Business owners can insure buildings and contents for as little as $679 per year. Residential renters can insure contents for as little as $48 per year. The Community Rating System of the National Flood Insurance Program is a voluntary program to reward participating communities that go beyond the minimum activities required by the National Flood Insurance Program. To learn more about eligibility for the premium discount, policyholders should check with their insurance agents. To learn more about which flood hazard zone a building is located in, contact Planning, Development Services & Code Enforcement at 240 Pine Avenue, Suite 300, or call 229-438-3901. For more information, please contact the Mary Teeter, Planning Manager at 229.438.3930