Flood insurance premiums will go down by 5 percent for property owners within Colorado Springs city limits because the National Flood Insurance Program gave the city an improved score through its Community Rating System, Colorado Springs officials announced Friday.
The rating system, a voluntary program, recognizes communities that exceed the flood insurance program's minimum standards. Communities are rated on a scale of 1 to 10, with 1 being the best, based on their efforts in flood damage reduction, flood preparation, mapping, public information and other areas. The score determines the premium discounts.
Colorado Springs went from a 7 to a 6 in the latest evaluation, leading to the 5 percent drop. Overall, premiums have been reduced by 20 percent over the years because of the city's participating in the program, according to a new release.