Low risk is not the same as no risk.
Uninsured flood losses can break the bank. Protect what matters.
Make informed decisions about whether you need flood insurance to protect your financial investment.
Flood losses are not covered by most insurance policies. Separate coverage for flood damage can be purchased for buildings and contents through the National Flood Insurance Program (NFIP). Because STC municipalities have enacted floodplain development regulations consistent with federal criteria, flood insurance can be purchased for any building in the STC region, regardless of the flood zone. Flood insurance can be purchased from private insurance agents and is generally required as a condition of the mortgage for buildings located in the regulated floodplain.Congress enacted changes to the flood insurance program in 2012 and 2014. Flood insurance costs will generally increase in order to restore fiscal soundness to the program. The most significant increases in the STC region will result from phasing out of discounted policies for older buildings that do not comply with current floodplain development standards. This will affect about half of the existing flood insurance policies in the STC region. A handout, Flood Insurance Reforms - Who Is Affected? (August 2014), provides information about rate increases for older buildings and the steps that property owners can take.
Eleven municipalities in the STC region participate in the Community Rating System (CRS) program by implementing floodplain management, flood mitigation and outreach activities that exceed the minimum requirements of the National Flood Insurance Program. By undertaking activities that save lives and reduce property damage, the following municipalities also secure reduced flood insurance policy rates within their communities:
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- Town of Ashland
- Town of Big Flats
- Town of Chemung
- City of Corning
- City of Elmira
- Town of Elmira
- Town of Erwin
- Town of Horseheads
- Village of Horseheads
- Town of Southport
- Village of Wellsburg
Q&A about Flood Insurance in New York State: NYS Department of Environmental Conservation website
Flood Insurance Changes: STC presentation summarizing changes to the National Flood Insurance Program that affect the cost of flood insurance, as of May 2014.
Introduction to the Community Rating System: STC presentation summarizing CRS program requirements and credit activities.
CRS--Is It Worth the Effort? (and if not, what changes are warranted?): STC presentation outlining the requirements for CRS participation and challenges faced by New York communities. The presentation is designed to inspire discussion of opportunities for improving the program.
Rethinking the National Flood Insurance Program (NFIP): Recommendations for improving national floodplain management policy, prepared by the NYS Floodplain and Stormwater Managers Association (January 2011).