Cedar Rapids Working to Reduce Cost of Flood Insurance for Home Owners

CEDAR Rapids, Iowa - The city of Cedar Rapids says its home owners are getting a 20 percent discount in the cost of flood insurance.

It's taking part in a federal program that lowers insurance rates when the city takes action to reduce flooding.

Home owners could get a 45 percent discount if the city were to get the program's top rating for flood prevention.

Cedar Rapids experienced record flooding on the Cedar River in 2008 that caused $15 billion in damages.

The city is taking part in a FEMA program that has a Community Rating System with a range of Class 1 to Class 10.

Flood insurance discounts are given in increments of 5 percent. A Class 10 community is not participating in the program and receives no discount, while a Class 1 community receives a 45 percent premium discount.

Cedar Rapids is currently a Class 6 community, where homeowners get a 20 percent discount.

Cities can earn discounts by focusing on actions in four categories:

  • Public Information
  • Mapping and Regulations
  • Flood Damage Reduction
  • Warning and Response

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