Toms River homeowners can catch a break on flood insurance
Some good news in the years following Superstorm Sandy for homeowners in Toms River as township officials announce a reduction in flood insurance premiums due to the Township’s active participation in the National Flood Insurance Program’s (NFIP) Community Rating System (CRS).
The intended goals of the NFIP CRS program are to reduce flood losses; facilitate accurate insurance ratings; and to promote the awareness of flood insurance.
Federal Emergency Management Agency (FEMA) has recognized that the voluntary actions undertaken by the township has exceeded the minimum standards of the NFIP and met the criteria for a Class 7 rating, up from a Class 8 they've had since 2013.
It started as a Class 9 in 2010.
The new rating takes effect in October of this year and will provide an additional 5-percent off flood insurance premiums for 10,000 properties.
This is especially good news for residents living or vacationing at homes along the water on the mainland in Toms River or in the Ortley Beach section of the township in part because since 2013 the amount you could save was 10-percent.
A Class 7 rating means Toms River residents will now save 15 percent on their flood insurance policies for a yearly savings of $1,200,000.00.
“The Township’s Engineering staff has worked hard to ensure that Toms River’s participation in the program pays off," Mayor Thomas F. Kelaher said. "In addition to the reduction in insurance premiums, our staff are more knowledgeable about floodplain management and our residents are more informed about mitigation and flood insurance. The CRS program helps to make Toms River a safer place to live, reduces the economic impact of flood hazards and means more money in the pockets of our citizens.”
“Due to the efforts under Mayor Kelaher’s administration, property owners have an annual savings of $1.2 million, an $800,000 increase from eight years ago,” Robert Chankalian, Township Engineer said. "The Township plans to do more work and hopes to secure even bigger insurance discounts for residents in the future."
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