Flood insurance rates will fall significantly for these Miami-Dade residents – NBC 6 South Florida
Qualifying residents and business owners in unincorporated Miami-Dade can receive a significant discount on flood insurance premiums after the county boosted its flood mitigation ratings.
Miami-Dade and FEMA officials announced Friday that the county will be upgraded to a Class 3 community in the National Flood Insurance Program Community Rating System (CRS). The new rating will provide a 35% discount to qualifying residents and business owners and will result in an estimated $12 million in savings annually.
“As hurricanes and storms become more frequent and severe, I am grateful that communities like Miami-Dade County are making critical investments to keep residents safe from these increasing climate threats,” said FEMA Administrator Deanne Criswell. “As a result of their efforts, not only is the community more prepared for future flooding events, National Flood Insurance Program policyholders across the County will now receive greater discounts to their premiums. Miami-Dade is a shining example of how communities across the nation — large and small — can take bold actions to reduce flood risk and lower flood insurance premiums for their residents.”
The county’s efforts in flood mitigation include investing $1 billion in stormwater infrastructure over the last 33 years and planned investments of an additional $1 billion. The county has also accelerated projects in the last two years to upgrade infrastructure and implement critical flood mitigation activities.
Miami-Dade was previously classified as Class 5 in the rating system and is the largest among 19 communities nationwide to have earned a Class 3 rating or better.
Friday’s announcement took place at Miami-Dade County’s Belen 1 Stormwater Pump Station located in West Kendall, which is one of 18 pump stations that are part of the stormwater system.
Who is qualified for the flood insurance premium discount?
Homeowners and business owners in the Unincorporated Municipal Service Area (UMSA) of Miami-Dade County will qualify for the 35% discount on the majority of National Flood Insurance Program (NFIP) policies issued or renewed on or after April 1, 2024.
