{"id":221,"date":"2025-06-11T14:55:01","date_gmt":"2025-06-11T20:55:01","guid":{"rendered":"https:\/\/www.hamfox.com\/blog\/?p=221"},"modified":"2025-06-11T14:55:02","modified_gmt":"2025-06-11T20:55:02","slug":"flood-insurance-alert-palmetto-bay-residents-to-receive-25-crs-discount-beginning-april-1-2025","status":"publish","type":"post","link":"https:\/\/www.hamfox.com\/blog\/flood-insurance-alert-palmetto-bay-residents-to-receive-25-crs-discount-beginning-april-1-2025\/","title":{"rendered":"Flood Insurance Alert: Palmetto Bay Residents to Receive 25% CRS Discount Beginning April 1, 2025"},"content":{"rendered":"\n

At Hamilton Fox & Company, we\u2019re always looking for ways to help our Palmetto Bay neighbors stay informed and save money, especially when it comes to vital coverage like flood insurance. We\u2019re excited to share that beginning April 1, 2025<\/strong>, Palmetto Bay has qualified for a 25% premium discount<\/strong> on National Flood Insurance Program (NFIP) policies through the Community Rating System (CRS)<\/strong>.<\/p>\n\n\n\n

What Is the Community Rating System?<\/strong><\/p>\n\n\n\n

The CRS is a voluntary program under the NFIP that rewards communities for implementing floodplain management practices that exceed the program\u2019s minimum requirements. Thanks to the efforts of the Village of Palmetto Bay to reduce flood risk through education, planning, and infrastructure improvements, the community has earned a CRS Class 5 rating<\/strong>\u2014which translates to a 25% discount on flood insurance premiums<\/strong> for eligible properties located in high-risk flood zones (also known as Special Flood Hazard Areas).<\/p>\n\n\n\n

Important: Discount Rollout is for New or Renewing Policies Effective on or after April 1st<\/strong><\/p>\n\n\n\n

While the effective date of the CRS Class 5 rating is April 1, 2025, discounts will not be applied midterm to your existing policy. The CRS Class 5 rating discount should be automatically applied to your newly issued or renewal policy with an effective date of April 1st<\/sup> 2025 or later.<\/p>\n\n\n\n

Tip:<\/u><\/strong> Renewal offers are generally delivered 45-days in advance. If your policy renews between April 1st<\/sup> and May 16th<\/sup> you may want to double check your policy. Why? Your renewal was developed prior to April 1st<\/sup> and your discount may not have been applied. A manual override may be necessary to ensure the discount is properly applied to your policy<\/em>.<\/p>\n\n\n\n

How Will You Know You\u2019re Getting the Discount?<\/strong><\/p>\n\n\n\n

If your policy qualifies, your renewal declarations will show \u201cCommunity Rating Discount\u201d and the corresponding amount should be approximately 25% of the Annual Premium as shown directly above. Don\u2019t worry if this number doesn\u2019t exactly equal 25% of the Annual Premium. You are still receiving the full credit if the discount is off by a few dollars.<\/p>\n\n\n\n

A Word About the 25% Discount<\/strong><\/p>\n\n\n\n

While the CRS program offers a 25% discount, it\u2019s important to understand that your actual savings will not<\/u> be 25%<\/strong>. Flood insurance premiums are based on many factors, including elevation, building characteristics, and recent rating reforms under Risk Rating 2.0. The CRS credit is just one piece of the overall pricing formula and will offset otherwise scheduled rate increases.<\/p>\n\n\n\n

Additionally, Palmetto Bay already qualified for a CRS Class 7 Rating Discount which applied 15% savings<\/strong>. The net savings difference is 10% due back to policy holders.<\/p>\n\n\n\n

So, if your renewal premium doesn\u2019t drop by the full 10%, or actually increases, don\u2019t be alarmed\u2014that doesn\u2019t mean you\u2019re not receiving the benefit. It simply means that other factors are influencing your final premium.<\/p>\n\n\n\n

What Should You Do Next?<\/strong><\/p>\n\n\n\n

    \n
  1. Review your declarations page<\/strong> once you receive the revised version.<\/li>\n\n\n\n
  2. Contact your insurer or our agency<\/strong> if you have questions about how the CRS credit is being applied.<\/li>\n\n\n\n
  3. Stay insured<\/strong>\u2014flooding is a real risk in South Florida, and this discount makes protection more affordable.<\/li>\n\n\n\n
  4. Private flood an option? <\/strong>\u2013 Not satisfied with your flood insurance policy cost? Consider private flood options. Contact our quote team to access more than 10 private flood insurers.<\/li>\n<\/ol>\n\n\n\n

    For more information, here is a link to the notice:<\/strong><\/p>\n\n\n\n

    https:\/\/www.palmettobay-fl.gov\/DocumentCenter\/View\/18376\/CRS-Class-Rank-5–Notice-from-FEMA?bidId=<\/a><\/p>\n\n\n\n

    To learn more about how to save on flood insurance in Palmetto Bay, or any Florida city, visit our flood webpage HERE<\/strong><\/a>.<\/p>\n\n\n\n

    At Hamilton Fox & Company, we\u2019re here to guide you through this transition. Feel free to reach out if you\u2019d like us to review your policy, explain your coverage, or answer any flood insurance questions.<\/p>\n\n\n\n

    Reference: Wright Flood, NFIP Underwriting Team<\/p>\n\n\n\n

    \n\n\n\n

    Stay safe, stay informed, and as always\u2014thank you for trusting us with your insurance needs.<\/strong><\/p>\n\n\n\n

    Your Local Team at Hamilton Fox & Company<\/em><\/p>\n\n\n\n

    New Quotes: 855-4A-QUOTE or 855-427-8683 or <\/em>quote@hamfox.com<\/em><\/a><\/em><\/p>\n\n\n\n

    Existing Customers: 800-263-1947<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    At Hamilton Fox & Company, we\u2019re always looking for ways to help our Palmetto Bay neighbors stay informed and save money, especially when it comes to vital coverage like flood insurance. We\u2019re excited to share that beginning April 1, 2025, Palmetto Bay has qualified for a 25% premium discount on National Flood Insurance Program (NFIP) […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[17,5,16],"class_list":["post-221","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-flood-insurance","tag-hamilton-fox-company-inc","tag-palmetto-bay"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/posts\/221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/comments?post=221"}],"version-history":[{"count":1,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/posts\/221\/revisions"}],"predecessor-version":[{"id":222,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/posts\/221\/revisions\/222"}],"wp:attachment":[{"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/media?parent=221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/categories?post=221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hamfox.com\/blog\/wp-json\/wp\/v2\/tags?post=221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}