An improved rating for flood insurance will result in city of Columbus property owners receiving an additional 5 percent reduction in premiums.
The city has exceeded minimum standards of the National Flood Insurance Program through its Community Rating System, meaning city residents with federally backed flood insurance will save 15 percent on policies issued or renewed after Oct. 1, said Cory Fischer, floodplain manager in the Columbus — Bartholomew County Planning Department.
Since 2013, the city and Bartholomew County had been at a Class 8 rating, which provides a 10 percent discount on policies. Now that Columbus has improved in the rating, its residents are eligible for the additional discount, Fischer said. County residents living outside the city, however, will maintain a 10 percent savings on their policies, he said.
The Community Rating System is a voluntary program for communities, Fischer said. Ratings are determined in part by visits and annual certifications that involve a full program review conducted by an insurance rating company, he said.
Goal of the program is to reduce flood losses, facilitate accurate insurance ratings and promote the awareness of flood insurance.
The city’s comprehensive flood risk management plan, which was developed in 2013 by engineering firm Christopher B. Burke Engineering, was one factor that helped contribute to the improved rating. A new plan will be updated by the end of 2019, he said.
The flood risk management plan, a guiding document for the city, lists objectives Columbus hopes to accomplish while examining where flood risks are and what can be done to mitigate them, Fischer said.
A flood response and evacuation plan developed by the city was another activity that helped contribute to Columbus’ rating, along with its flood regulation plans, Fischer said.
“We regulate development in the 500-year floodplain, which a lot of communities don’t have,” Fischer said.
The city was also credited for conducting and adopting additional flood studies for areas not included on Federal Emergency Management Agency flood insurance rate maps in the Haw Creek watershed, Fischer said.
There are 374 federally backed flood-insurance policies held by residential and commercial property owners in Columbus. Those property owners are eligible for an additional $40 in savings from the ratings change, and a total savings of $46,722 through the program.
Rates for private flood insurance obtained by property owners are not affected by the new rating, however, Fischer said.
Insurance rates vary greatly based the resident or business is located in the floodplain, Fischer said.
Columbus experienced a massive flood on June 7, 2008, that caused more than $500 million in damage and resulted in the closure of Columbus Regional Hospital for nearly five months.
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For more information on the flood insurance discounts, contact city-county floodplain manager Cory Fischer at 812-376-2550 or e-mail [email protected].
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