Pasco County homeowners, businesses and renters are paying less for flood insurance. Pasco County’s current Class 6 Rating has earned policyholders a 20% reduction on flood insurance premiums. The Class 6 results in savings on flood insurance policies of $3.9 million per year.
Participation in the CRS is rewarded with discounted flood insurance rates for policyholders within the community. The discount is given because the community has reduced the flood risk by meeting the three goals of the CRS program:
Reduce flood losses;
Facilitate accurate insurance rating; and
Promote the awareness of flood insurance
Flood insurance premium rates are discounted in increments of 5%. For example; a Class 9 community would receive a 5% premium discount, while a Class 1 community would receive a 45% premium discount (a Class 10 community is not participating in the CRS and receives no discount). The CRS classes for local communities are based on 18 creditable activities, organized under four categories: