Separate flood insurance coverage is available through the National Flood Insurance Program (NFIP) for any building in the STC region—regardless of the flood zone (because each municipality enforces floodplain development standards consistent with federal criteria). Flood insurance for buildings and contents can be purchased from private insurance agents and is generally required as a condition of the mortgage for buildings located in the regulated floodplain (1% annual probability/100-year floodplain mapped by FEMA). Areas within this high hazard floodplain have a 26% probability of being flooded at least once over the 30-year lifetime of a mortgage. Some parts of the floodplain are expected to flood more frequently.
Flood insurance policies are rated based on a variety of characteristics, including the flood zone, anticipated flood depth, age of the building, building elevation, building use, and other building characteristics—as well as the type and amount of coverage purchased (building only, contents coverage, deductible, etc.). Because the rating process is complex, there are no simple recommendations that apply in all circumstances. However, it is sometimes possible to make changes to a building that will both mitigate flood risks and lower the cost of flood insurance.
(CRS) is a program that enables reduced National Flood Insurance Program premiums within communities that go above and beyond minimum floodplain management requirements. Participating municipalities implement and document various floodplain management, flood mitigation and outreach activities. Nine STC municipalities currently participate at levels that enable 5% or 10% reductions in base premiums for some flood insurance policies: