Toms River officials announced Monday that the federal government will provide additional relief for flood insurance policyholders in the township.
Toms River, effective in October, will be upgraded from what is known as a “Class 8” community to a “Class 7” community under the Federal Emergency Management Administration’s community ratings system, meaning premiums for FEMA-backed flood insurance will receive bigger discounts.
The Township had been a Class 8 since 2013, which meant anyone with flood insurance saved 10 percent on their premiums. The Township started at a Class 9 in 2010. For advancing to a Class 7, Toms River residents will now save 15 percent on their flood insurance policies for a yearly savings of $1.2 million.
“The township’s engineering staff has worked hard to ensure that Toms River’s participation in the program pays off,” said Mayor Thomas Kelaher. “In addition to the reduction in insurance premiums, our staff are more knowledgeable about floodplain management and our residents are more informed about mitigation and flood insurance.”
The Class 7 ranking recognizes the township’s “community outreach and high regulatory standards,” a statement said, including requirements for new construction and ensuring compliance with the latest FEMA regulations.
“Due to the efforts under Mayor Kelaher’s administration, property owners have an annual savings of $1.2 million, an $800,000 increase from eight years ago,” said Robert Chankalian, Township Engineer. “The township plans to do more work and hopes to secure even bigger insurance discounts for residents in the future.”