PROVINCETOWN – Efforts in Provincetown to enhance floodplain management are paying off, as residents have received a 10% reduction in premiums for flood insurance.
Through the National Flood Insurance Program, run by FEMA, municipalities can participate in a system that provides incentives to cities and towns that exceed federal flood requirements.
Provincetown is one of 22 municipalities in Massachusetts that has been recognized with these savings for residents.
The town was promoted by FEMA to Class 8 of the system, meaning that qualified policyholders are able to save 10% on their annual payments.
That equates to $220 per policyholder each year on average, according to the Cape Cod Cooperative Extension, as well as annual savings of more than $115,000 throughout Provincetown.
The extension reported that since 2015, policyholders in the nine towns across Barnstable County that participate in the program have earned a total of nearly $2 million in flood insurance savings.
About Brendan Fitzpatrick
