Wachapreague Flood Insurance Premiums To Drop Average of $94

By Linda Cicoira — Wachapreague real estate owners will receive a 10 percent reduction in their flood insurance premiums through an increase of various floodplain management measures encouraged by the Federal Emergency Management Agency (FEMA), according to an announcement made this week.
The rating system change for Wachapreague shows the town’s commitment to protecting itself from the dangers of flooding, said MaryAnn Tierney, FEMA’s Region III administrator. “We would like to thank Wachapreague for taking actions to protect lives and property.”
Under the rating system, local officials are asked to reduce flood losses, facilitate accurate insurance rating and promote awareness of flood insurance. Communities can earn a Community Rating System rating by submitting an application explaining the projects they have in place or are developing.
Wachapreague is among 25 communities in Virginia that have received this recognition, the announcement stated. “With the steps taken by Wachapreague to protect its citizens and increase its resiliency, it has entered the CRS program as a Class 8 participant.” Communities can earn up to 45 percent off their premiums.
Wachapreague policyholders saved an average of $94 in annual premiums.
For information about flood insurance, property owners may visit www.FEMA.gov/national-flood-insurance-program or call 800-427-4661.

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