Florida Construction News staff writer
The Federal Emergency Management Agency (FEMA) has officially downgraded the flooding risk for the City of Miami.
Mayor Francis Suarez says the decision is “proof that Miami is on its path to becoming the most resilient city in America” .
He says the risk downgrade is a result of the city’s updated storm water master plan and improved storm water operations.
Through the Miami Forever Bond and funding from the State and Federal Levels, more than $195 million has been allocated to 62 storm water infrastructure projects.
“This is good news on its own,” he said in a statement. “But, even better, it means that flood insurance premiums for Miami residents will go down. During a period of high inflation combined with a recession, we continue to save money for our residents while keeping them safe.”
FEMA’s community rating system takes place every 5 years and points are awarded under 19 categories including public information, mapping and regulations, flood damage reduction, and flood preparedness.
According to the new rating, Miami “is among the best qualified cities in the country” placing at a class 6 which means flood insurance premiums for Miami residents will go down.
Residents now qualify for a 20 percent discount on flood insurance premiums on most policies, once they are issued an National Federal Insurance Program (NFIP) policy or renew their existing one on or after October 1st for the reduction to take effect.