MIAMI. – In a time marked by inflation and high prices in home insurance, Daniella Levine Cava, mayor of Miami-Dade, and Deanne Criswell, administrator of the Federal Emergency Management Agency (FEMA), announced relief from the 35% on the flood insurance premium, NIFP, for residents of unincorporated areas of the county.
This considerable discount, announced by the mayor at a recent press conference, was possible thanks to the fact that Miami-Dade managed to improve its rating in the Community Rating System (CRS), a national program developed by FEMA to encourage communities to adopt measures and invest in programs that prevent or mitigate the risk of flooding.
Miami-Dade classification
“Miami-Dade reached the Class 3 level on CRS. “We have jumped from Class 5 to Class 3, due to the great work done to protect our homes and businesses from flooding,” the mayor said in front of the Belen 1 stormwater pumping station, located in West Kendall. One of 18 stations built with federal, state and local funds that allowed the county to achieve the new classification.
“Participation by the communities in this program developed by FEMA is voluntary,” said the mayor, “but it is decisive to qualify for the special discount on the premiums of the NIFP flood insurance program.”
“Starting April 1, county residents with flood coverage will be eligible for savings of up to 35% on their NIFP insurance premiums. In total, county policyholders save $2 million annually, on top of the $200 million saved since Miami-Dade joined CRS programs 30 years ago,” Criswell said.
According to the mayor, “this announcement validates the fact that we in Miami-Dade are doing a great job in partnership with the federal government, state and local agencies in managing flood zones and stormwater.”
By achieving this classification, the county will save $12 million. Which means “more money will be put back into the pockets of residents and businesses through these flood insurance discounts. At the same time, we protect the wider community by reducing the risk of flooding.”
Incorporated cities
Although the countywide system of water pumping stations is interconnected, each incorporated city has its own rating with FEMA, earned by participating in the CRS program. “Each local government is responsible for making its own application and process with FEMA as a municipal entity,” said Commissioner Juan Carlos Bermúdez, present at the event.
For example, Hialeah is rated Class 7, so its residents benefit from a 15% discount, and Miami Beach up to 25%.
In May 2022, FEMA rated the City of Miami Class 6, allowing its residents to lower their flood insurance by 20%.
The FEMA letter received by City Manager Arthur Noriega said: “The management activities implemented by your community qualify you for a 20 percent discount on flood insurance premiums for most NFIP policies issued. or renewed as of October 1, 2022.”
“This savings is a tangible result of the flood mitigation activities your community implements to protect lives and reduce property damage. The CRS rating for your community will automatically renew annually as long as there are no NFIP non-compliance actions, so a notification letter will not be sent every year.”
For their part, Cutler Bay residents have a 30% discount while those who live in Doral and North Miami can save up to 20% on their flood policies.
Citizens insured
This announcement comes at the right time for many policyholders. Citizens Property Insurance Corp., state-owned, whose policies include wind coverage. Because, According to the law -HB-799 of 2023-, as of January 1, 2024, Citizens policies that cover property valued at $600,000 or more must have flood insurance, even if they are not in a risk area.
Levine Cava acknowledged that in the last 33 years, Miami-Dade County has invested more than $1 billion to improve the water management system.
“Now, under my leadership, we are going to invest a billion more,” the mayor promised.
Those interested in knowing the details of the discount on their insurance policy should contact their flood insurance agents, NIFP.
However, the 35% reduction in the price of the flood insurance policy will be implemented automatically, starting April 1, 2024.
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