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Map Changes 3.0 - Action Steps for Property Owners: Ways to Save When Flood Maps Change
  1. Consider a higher deductible - Increasing the deductible will lower the premium. Selecting the maximum deductible of $10,000 will result in up to a 40 percent discount from the base premium. Keep in mind using the maximum deductible might not be appropriate in every financial circumstance, and some lenders might not accept deductibles higher than the standard deductibles.
  2. Encourage the community to participate in the Community Rating Service (CRS) - CRS is a voluntary discount program that recognizes communities for implementing floodplain management practices and other activities that exceed the National Flood Insurance Program (NFIP) minimum requirements. In exchange for a community’s proactive efforts to reduce flood risk, policyholders can receive reduced flood insurance premiums. For more information, please visit National Flood Insurance Program Community Rating System.
  1. Reduce Risk Exposures - Lowering a property’s exposure to flooding may result in eligibility for lower premium rates. For example, if the insured fills in a basement or installs flood vents in the crawlspace beneath the lowest level of their building, this helps reduce the chance that the building’s foundation will be displaced during a flood and potentially lower the premium.

  1. When remodeling or rebuilding, the insured should consider retrofitting or elevating their entire structure. An insured may also find savings by taking simple steps such as raising heating and cooling systems, water heaters, the electrical panel, and other mechanical items so that they are less likely to be damaged or destroyed in a flood.
Agent Alert

Insureds should talk to their local floodplain administrator or review FEMA’s Homeowner’s Guide to Retrofitting.

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Retrofitting
Retrofitting means making changes to an existing building to protect it from flooding or other hazards such as high winds and earthquakes.