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E2 - The Community Rating System (CRS)
Downloadable / Printable Version
Scott W. Cofoid, CFM – ISO/CRS Specialist
Abstract
The National Flood Insurance Program's (NFIP) Community Rating System (CRS) is a voluntary incentive program that recognizes and encourages community floodplain management activities that exceed the minimum NFIP requirements.
As a result, flood insurance premium rates are discounted to reflect the reduced flood risk resulting from the community actions meeting the three goals of the CRS:
- Reduce flood losses;
- Facilitate accurate insurance rating; and
- Promote the awareness of flood insurance.
The Community Rating System (CRS) is a Federal Emergency Management Agency (FEMA) program, administered by the Insurance Services Office (ISO, Inc.) that recognizes communities for their floodplain management activities that go above and beyond the minimum NFIP standards. The CRS assigns credit points for each floodplain management activity a community performs and then correlates those points to classes and flood insurance premium discounts for homeowners in that community.
This session will discuss what the CRS Program is, how it works, how to apply to the CRS and what activities a community can earn credit for doing. This session will also look at state laws and common practices that communities can take advantage of under the Program.