A decade after the city first started looking into FEMA’s Community Rating System, which could save homeowners money on federal flood insurance, Philadelphia officials say they’re still exploring the potential of joining. But they estimate the earliest the city could enter the program is 2025. Over 3,400 residential properties in Philadelphia are covered by flood insurance policies through the National Flood Insurance Program, which provides most flood insurance nationwide. For single-family homes, including rowhouses, the median annual cost is currently $870, according to FEMA. FEMA’s Community Rating System offers flood insurance discounts proportional to the measures a municipality takes to reduce the risk of flood damage. Participating local governments earn points for flood-safe policies and practices, such as guaranteeing that open space in the floodplain won’t be developed, limiting the amount of fill used to raise parcels in the floodplain, or requiring the first floor of new buildings be built above minimum levels. Municipalities can also earn points for activities including buying out flood-prone buildings, sending early flood warnings to the public and keeping digital copies of property data. Read more here.
Source: WHYY; 7/8/2024