Village’s Continued Efforts for Lower Cost Flood Insurance Premiums for Residents and Businesses
Since 1998, the Village of Key Biscayne has participated in the Community Rating System (CRS) which is a voluntary, incentive-based program that recognizes and encourages community floodplain management activities that exceed the minimum requirements. The Village currently holds a Class 7 rating that provides a 15% flood insurance premium discount to all policy holders in the community for policies made or renewed after April 1, 2000.
One of the goals the Village must meet to reap the lower premiums is to facilitate accurate insurance rating and promote the awareness of flood insurance. As a participant, Lending Institutions, Real Estate Agents and Insurance Agents are required to provide a full disclosure to the buyer to be included in their contracts or riders. A template for a disclosure brochure is provided with this notice to be displayed at your location or to handout (see attached), as well as information on Flood Insurance Purchase Requirements.
On behalf of the Village, thank you for your assistance ensuring continued compliance.