With a new 25 percent discount on premiums available to most Austin residents, the city is encouraging homeowners, renters and small businesses to purchase flood insurance. The discount comes via the city’s participation in the National Flood Insurance Program. Previously, residents were eligible for a 20 percent discount, but that savings has increased due to an improvement in Austin’s score on FEMA’s Community Rating System. According to a press release from the city, the improvement is credited to:
- The large area of Austin’s floodplain preserved as greenspace through parks, trails and other protected uses
- Austin’s extensive water quality regulations and programs
- Austin’s stringent stormwater management requirements
- Buyouts of properties at risk of flooding
- Higher regulatory standards for development activity in the floodplain
A press release from the city notes that, despite Austin’s new score, some Austin residents will continue to see increases in their premiums and subsidized policies are not eligible for the discount.