June 5, 2012 - Boulder’s flood management program earns discounted flood insurance rates for residents and businesses

Media Contacts:
Nick Grossman, Public Works, 303-441-3005
Sarah Huntley, Media Relations, 303-441-3155
www.bouldercolorado.gov 

Boulder’s flood management program earns discounted flood insurance rates for residents and businesses

The City of Boulder’s flood management program has earned community residents and businesses discounted flood insurance rates from the National Flood Insurance Program (NFIP). The city’s floodplain management efforts prompted the NFIP to improve Boulder’s Community Rating System (CRS) classification from a CRS Class 7 to a CRS Class 6. The new Class 6 will provide a 20 percent discount on flood insurance rates. Previously, Boulder’s Class 7 discount rate was 15 percent.

Compared with standard flood insurance rates, the 20 percent discount will save Boulder businesses and residents more than $400,000 annually, resulting in a higher collective savings than any other city in Colorado.

The NFIP’s Community Rating System is a voluntary incentive program that recognizes and encourages community flood management activities, including flood preparedness, public information, mapping and regulations, and flood damage reduction. More than 1,100 communities nationwide currently participate in the CRS program and receive discounted flood insurance rates.           

The NFIP has also informed the city that Boulder is close to becoming a Class 5 community, which would provide a 25 percent discount on flood insurance rates. Boulder is currently pursuing options to achieve this Class 5 rating.   

The City of Boulder joined the CRS in 1992 as a Class 8 community and improved to a Class 7 in 2008. In 2011, the city applied for an improved classification based on floodplain mapping studies, the flood warning program, community outreach, stormwater management, the adoption of a Multi-Hazard Mitigation Plan, and other municipal efforts to reduce the community’s flood risk. In addition, more Boulder property owners have acquired flood insurance policies than in any other Colorado city.

The NFIP is a Federal Emergency Management Agency (FEMA) program that enables property owners to purchase flood insurance in communities that agree to implement standard measures to reduce flood impacts. In exchange, the NFIP makes federal government-backed flood insurance available to homeowners, renters and business owners, regardless of whether their properties are in a floodplain. Flood insurance covers direct losses caused by surface flooding, including a river overflowing its banks, a lake or ocean storm, and local drainage problems. The NFIP provides insurance coverage for building structures and contents. 

For more information, visit www.boulderfloodinfo.net and select “Flood Insurance” or contact Katie Knapp, CRS Coordinator, at 303-441-3273.

Last Updated on Friday, 15 June 2012 07:42