Springs homeowners to receive bigger flood insurance discounts

Colorado Springs homeowners will receive a bigger discount on their flood insurance premiums, the city announced.

Homeowners who live in the floodplain will receive a 20 percent discount. Homeowners who don’t live in a high-flood-risk area will receive a 10 percent discount. It’s an increase of 5 percent from the discount homeowners in the city previously received.

The savings come from the National Flood Insurance Program Community Ratings System. The voluntary program rates communities’ efforts to reduce flood risk, and it rewards those that exceed their minimum requirements.

The City of Colorado Springs earned a higher rating. On a scale of 1 to 10 (1 being the best), it jumped from the program’s Class 7 to Class 6. It was evaluated for its public information, mapping and regulations, flood damage reduction and flood preparation.