Homeowners with flood insurance should receive discount
The City of Prescott participates in the National Flood Insurance Program (NFIP) to provide flood insurance that is nearly always far less expensive than private flood insurance.
The National Flood Insurance Program’s Community Rating System (CRS) is a voluntary incentive program that encourages communities to implement flood risk reduction measures that exceed the NFIP’s minimum requirements. Under the CRS, communities that take additional actions to reduce their flood risk can earn discounts on NFIP flood insurance policies for their property owners.
City staff was notified by the Insurance Services Office (ISO), which conducts these audits on behalf of FEMA, that the December 2021 CRS Cycle Verification Visit audit has resulted in the community improving from a CRS Class 8 to a CRS Class 7. This is great news for the nearly 500 property owners in the City of Prescott that buy flood insurance! Having a CRS Class 7 rating results in a 15% discount off flood insurance premiums for policy holders, which is an additional 5% savings over the CRS Class 8 rating.
For more information, please visit www.prescott-az.gov or call the Public Works office at 928-777-1130.