TOMS RIVER – Toms River Township’s participation in the National Flood Insurance Program’s (NFIP) Community Rating System (CRS) will now allow residents a bigger reduction in flood insurance premiums.
Federal Emergency Management Agency recognized that Toms River Township has exceeded the minimum standards of the NFIP, through its community outreach and high regulatory standards, and has met the criteria for a Class 7 rating. This ranking will take effect in October.
Toms River has been recognized for moving from a Class 8 to a Class 7 rating, nearly 10,000 properties will receive an additional 5 percent off their flood insurance premiums. Class 8 allowed residents a 10 percent savings on flood insurance premiums and Class 7 will now allow a 15 percent savings, equaling a yearly savings of about $1.2 million.
The Community Rating System (CRS) is a voluntary program for NFIP participating communities. The intended goals of the program are to reduce flood losses; facilitate accurate insurance ratings; and to promote the awareness of flood insurance.
“The Township’s Engineering staff has worked hard to ensure that Toms River’s participation in the program pays off. 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,” said Mayor Thomas F. Kelaher. “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,” said Robert Chankalian, Township Engineer. “The Township plans to do more work and hopes to secure even bigger insurance discounts for residents in the future.”