MASHPEE – According to a recent announcement by local officials, residents and business owners of Mashpee with a National Flood Insurance Program (NFIP) policy will soon see a 15% annual reduction in premiums.
The drop is due to the collaborative Community Rating System program between the town, the Woods Hole Oceanographic Institution, and the Cape Cod Cooperative Extension.
The voluntary incentive program is administered by FEMA and rewards communities for conducting activities beyond federal minimum requirements to promote flood resilience and improve coastal resiliency through a class rating system.
Barnstable County is the first in the nation to have its own regionally managed CRS program.
Going into effect on April 1, the reduction is expected to save an average of $275 per policy for a total of $70,000 in combined savings for the town.
Shannon Hulst, the Extension’s WHOI Sea Grant Floodplain and CRS Specialist, assisted Mashpee officials in improving the rating for the town, which contains approximately 1,626 acres of vulnerable floodplains.
“I champion the CRS because I see it as a way to incentivize resilience overall,” said Hulst. “It encourages communities to take actions to make structures in our floodplains safer through higher standards and enforcement.”
“It also helps raise flood awareness among residents, home buyers, and business owners and protects open space, which ultimately improve our resilience,” she said.
Nearly all property owners in Mashpee are eligible for the National Flood Insurance Program.
For information about flood insurance, click here.
To learn more about the CRS program, click here.
By, Matthew Tomlinson, CapeCod.com NewsCenter
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