Lambertville Residents to Get Flood Insurance Break Courtesy of FEMA
Lambertville announced today that the Federal Emergency Management Agency (FEMA) has upgraded the City’s Community Rating from “Class 8” to “Class 7,” resulting in a 50% increase in the discount available to those insured by the National Flood Insurance Program.
The new 15% discount on annual premiums begins May 1, and will apply to all renewed and new policies, providing an aggregate savings for the 246 policyholders in the City of $66,000 in this year alone,” according to the city’s news release. “Taken together, the discounts City Flood Protection Initiatives have earned from FEMA will add up to more than $500,000 in savings to residents, businesses, and the city itself by 2022.”
Lambertville received the improved community rating it says because of its efforts to “strengthen flood protections and make the City more resilient.”
“I am pleased that FEMA is recognizing our comprehensive efforts to tackle the flooding problem,” said Lambertville Mayor Dave Del Vecchio. “The hard work we are doing on reducing flooding and ensuring our city is prepared for predicted future intense storms now brings the added benefit of reduced flood insurance premiums.”
The upgraded community rating is part of a five-year FEMA re-certification process. Details about the new discount will be mailed out the to the 246 National Flood Insurance Policy holders in Lambertville, say city officials.
“The FEMA Community Rating System includes activities that exceed minimum standards in the National Flood Insurance Program. These activities enhance the protection of the public’s health and safety and reduce the vulnerability of buildings,” emphasized the city’s news release. “As a reward for instituting increased practices and documentation, policyholders in the community are given discounts to premiums. The City has been in the Community Rating System since May 1, 2012.”