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LCG's Floodplain Management division is Lowering Rates for the nearly 8,000 Properties
Dated: January 26 2021
LCG's Floodplain Management division is lowering rates for the nearly 8,000 properties that carry flood insurance within Lafayette Parish. In 2021, these properties will see substantially lower flood insurance premiums due to the efforts of the Floodplain Management division. As detailed in the post below, a Class 7 Rating translates to 15% lower premiums. #SaferAndMoreProsperous
In 2021, nearly 8,000 properties that carry flood insurance within Lafayette Parish will see lower flood insurance due to the efforts of Lafayette Consolidated Government's Floodplain Management division. The division facilitated the improvement of its Community Rating by achieving a Class 7 status, giving policyholders a 15% discount on flood insurance premiums.
The Class Rating lasts for 5 years, which translates into approximately $3.75 million in cumulative insurance savings for Lafayette residents that started sometime in 2020.
Overall, 1,700 communities participate in the CRS program nationwide; LCG is one of only 12 communities within Louisiana to achieve a Class 7 or better rating.
The Community Rating System (CRS) is a voluntary incentive program that recognizes and encourages community floodplain management practices that exceed the minimum requirements of the National Flood Insurance Program (NFIP). The maximum discount is 45% for a Class 1 community. The Division has a goal to reach Class 5 status by 2025, which would cumulatively put approximately $1.2 million back into the pockets of the policy holders each year.
In CRS communities, flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community’s efforts that address the three goals of the program:
• Reduce and avoid flood damage to insurable property
• Strengthen and support the insurance aspects of the National Flood Insurance Program
• Foster comprehensive floodplain management
About Ted Daigle – Realtor Growing up in Church Point, LA instilled values of hard work and dedication, which has carried over into every aspect of his life, including real estate. This Lafayette r....
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