12/1/2017

Ventnor Received Approval for Higher Flood Insurance Discounts

Mayor Beth Holtzman announced that starting on May 1, 2018, Ventnor property owners who have flood insurance through the National Flood Insurance Program will start to receive a greater flood insurance discount.

Mayor Holtzman stated, "The City has been successful in increasing its flood insurance discounts to 25 percent."

As of October 2017, there were 4,747 property owners in Ventnor with federal flood insurance. Over $1 billion worth of property is insured with policyholders paying $4.2 million in premiums in 2017 alone. A 25 percent discount will save the residents of Ventnor at least $1,056,800 next year. Since flood insurance rates are increasing each year, this savings will grow in the future.

With this recertification, Ventnor is now rating Class 5, which is the highest level achieved by any community in the area. The flood insurance discount is based on the total number of points that the City earns. A community accrues points to improve its CRS Class rating and receive increasingly higher discounts. Points are awarded for engaging in any of 19 creditable activities, organized under four categories: public information, mapping and regulations, flood damage reduction, warning and response.

The 25 percent premium reductions for property owners will take effect after May 1, 2018, when they renew their current flood insurance policies or change flood insurance providers.

Rutala Associates, the City's Planning Consultant, led the reclassification effort.

"This was a team effort," continued Mayor Holtzman. "Special thanks to several city officials for their assistance in helping the City achieve a Class 5 rating, including City Administrator Maria Mento, Dino Cavalieri, Community Rating System Coordinator; Jimmie Agnesino, Building Official; Donna Peterson, Emergency Management Coordinator; Police Chief Doug Biagi; Dave Smith, Public Works Director and City Engineer Roger McLarnon."

Ventnor officials are already working to achieve a Class 4 certification to further increase the insurance discount to 30 percent. A prerequisite to a Class 4 is the completion of a Watershed Management Plan. The City, along with Margate and Longport, have been awarded a grant from Sustainable Jersey to develop this Plan. The Stockton Coastal Research Center has been retained to develop the Watershed Management Plan which should be completed early in 2018.

CategoryName: Public