MONTEVIDEO -- Home and business owners in Montevideo will be able to take advantage of lower premium costs for flood insurance, thanks to efforts by the city.
Nearly three years of work have helped the city earn a Class 5 rating in the National Flood Insurance Community Rating System, according to a recent news release from the program and city.
Montevideo becomes one of only eight communities in Minnesota participating in the voluntary program. It recognizes and encourages community flood plain management activities that exceed the minimum requirements of the National Flood Insurance Program.
The rating means that home and business owners will be eligible for substantial discounts in their flood insurance premiums, according to Nick Haggenmiller, economic development director for the city.
Properties located in the 100-year flood plain will be eligible for a 25 percent discount in their flood insurance premiums. Other properties will be eligible for a 10 percent discount.
ADVERTISEMENT
Everyone is eligible to purchase flood insurance. Some mortgages require its purchase.
All flood insurance policies written after May 1, 2010, will be eligible.
