UB officials working to reduce flood insurance costs The Courier,Staff report Posted:12/05/08
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When all the politics have been said and done, many Bayshore residents are still feeling the burden of increased flood insurance costs.
The Union Beach Borough Council is working hard to ensure that the town’s residents are getting those rates as cheap as possible.
According to Councilman Michael Harriott, Union Beach is one of only six towns in Monmouth County that participates in the Community Rating System “Class 8” savings program.
The CRS is a program sponsored by the Federal Emergency Management Agency that provides an eight-tiered reduction system: 5 percent off flood insurance rates for each additional tier following “Class 8,” which provides a base reduction of 10 percent.
It is because of its preventative measures and resources that Union Beach residents currently experience a reduced flood insurance rate.
Harriott said there are only 22 towns in the state in the eighth tier. The councilman said there are 10 in a “Class 7” tier, saving 15 percent, and three in a “Class 6” tier that save 20 percent.
Of the state’s 566 municipalities, 42 participate in the CRS, Harriott said. However, there are 226,725 flood insurance policies statewide, with an average savings of $95 per policy, he added.
Harriott said he has been learning what else the borough could do in order to jump to the next tier, where residents would see a 15-percent reduction.
The councilman said eligible residents should currently be seeing the 10-percent discount on their flood insurance policies.
The next Borough Council meeting will be held on Thursday, Dec. 11, at 8 p.m. in the municipal chambers of Borough Hall, 650 Poole Ave.
