Colorado Springs property owners will save an additional 5 percent on flood insurance thanks to the Federal Emergency Management Agency's boost to the city's flood insurance rating Tuesday.
The agency's National Flood Insurance Program Community Rating System now lists Colorado Springs at a 5 on its scale of 1 to 9, said Richard Mulledy, the city's Stormwater Division manager. For years, the city was ranked at a 6. The lower the rating number, the better for property owners who pay for flood insurance, he said.
"Every drop in that designation corresponds to another 5 percent off flood insurance," Mulledy said. "It's a huge leap between a 6 and a 5."
Now, property owners are eligible for a 25 percent discount in flood insurance rather than a 20 percent discount that's been available since 2014, Mulledy said.
Those might amount to about $500,000 in savings annually for about half of the estimated 4,000 buildings in the city already covered by flood insurance, city spokeswoman Jamie Fabos said in a release.
The city's April 2016 agreement with Pueblo County to complete 71 stormwater projects costing about $460 million during the next 20 years played a part in the recent ratings boost, Mulledy said, as did the citywide vote in November to approve stormwater fees to create a dedicated funding source for those projects.
"The reinvestment in the stormwater program is what allowed us to go to FEMA and say 'Hey, we have the money and the means to inspect and maintain the entirety of our stormwater infrastructure every year," Mulledy said.
And for Colorado Springs, that type of commitment is more significant than it might be for other cities, he said.
"If we were a 5- or 10-square-mile city, it'd be a lot easier to maintain that," he said. "But we're at 200 square miles."
Even among the nation's smaller cities and municipalities, Mulledy said reaching a rating of 5 or lower is a challenge. About 22,000 communities participate in FEMA's National Flood Insurance Program, but only about 1,500 participate in the rating system that offers insurance discounts. Less than 10 percent of those participants are ranked at a 5 or better, he said.
The discount is "tangible evidence" that the city's stormwater program and fees are an asset to Colorado Springs residents, Mayor John Suthers said Tuesday.
"Sometimes it's hard to see how you benefit from stormwater infrastructure," Mulledy said in agreement with Suthers. "These people can see a benefit on a monthly basis from the reduction in their premiums."
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