Flood insurance costs could decrease for some in Albany

ALBANY — Some of the flood insurance policyholders in Albany could see bigger discounts on their premiums after the city of Albany received an improvement in its classification under the Community Rating System, city officials said Thursday.

The increased discount is a result of floodplain management and mitigation activities implemented by the city.

The Federal Emergency Management Agency recently told city officials Albany had earned a higher classification, Class 7, in the National Flood Insurance Program’s CRS. That rating earns the community a discount of 15 percent on most flood insurance premiums, with the discount applying to most new or renewed policies in Special Flood Hazard Areas from May 1. Many of those located outside the 100-year flood plain will continue to receive a 5 percent discount on flood insurance premiums.

To learn more about eligibility for the premium discount, policyholders should check with their insurance agents. To learn more about which flood hazard zone a building is located in, contact Planning, Development Services & Code Enforcement at 240 Pine Ave., Suite 300, or call (229) 438-3901.