ITEM TITLE:
Report: Flood Insurance Assessment Report
SUBMITTED BY: Bruce Wall, Senior Planner & Floodplain Manager
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Receive and File.
SUMMARY STATEMENT:
Community Development staff have noticed a decrease in the number of active National Flood Insurance Program (NFIP) flood insurance policies in the city and are concerned that some property owners may not be adequately evaluating the financial risk of flood hazards to their property. This flood insurance assessment is the first step in providing additional information to certain property owners concerning the benefits of flood insurance.
This report is also being prepared as part of the city’s participation in FEMA’s Community Rating System (CRS) that currently provides a 10 percent premium discount on NFIP flood insurance for property owners in Valdez.
City staff from multiple departments will be working together with community stakeholders to prepare an insurance coverage improvement plan that will outline communication strategies to property owners about the benefits of flood insurance.