Contact: John Pilger Adam Levermore-Rich (408) 730-7535 April 29, 2003 Release # 04 10 |
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SUNNYVALE EARNS DISCOUNTED FLOOD INSURANCE PREMIUMS
Improved NFIP rating for City
SUNNYVALE, Calif. — Sunnyvale residents and business owners will soon see a reduction in flood insurance premiums, thanks to the City’s new Federal Emergency Management Agency (FEMA) rating.
The City of Sunnyvale has been granted a Class 7 community rating by FEMA’s National Flood Insurance Program (NFIP) effective May 1. This new rating will enable Sunnyvale residents and business owners to obtain a 15 percent discount on their flood insurance premiums in high-risk zones. For the past five years, Sunnyvale has maintained a rating that provided a 10 percent discount on flood insurance premiums.
Sunnyvale has participated in FEMA’s Community Rating System (CRS) since 1988. More than 850 flood insurance policies are in effect in the City of Sunnyvale. The City’s participation in the CRS program is expected to save property owners an estimated $75,000 annually in premium reductions.
The National Flood Insurance Program provides federally backed flood insurance that encourages communities to enact and enforce floodplain regulations. Sunnyvale has been a member of the NFIP since its inception.