The Commercial Real Estate Alpha Site

Clearwater property owners will get a bigger discount on their flood insurance starting this year. The discount is the result of the Federal Emergency Management Agency upgrading the city’s Community Rating System classification for its National Flood Insurance Program. Clearwater moved from a Class 6 to a Class 5, meaning property owners now will get a 25% discount on NFIP policies. (Class 6 qualifies for a 20% discount.) CRS, as the Community Rating System is known, assigns points to localities and qualifies certain communities’ residents for discounts that can cut insurance premiums by hundreds of dollars each year. The new discount kicks in Oct. 1. The city is using the increased discount to urge property owners to buy flood insurance, even when not required, In 2024, the city says in an email to residents, “our community suffered greatly in the wake of hurricanes Helene and Milton, and having flood insurance coverage may bring you peace of mind as we enter into another hurricane season.” The day after Hurricane Milton, which closely followed Hurricane Helene, one could see how impactful flooding was on Clearwater Beach where debris, from mattresses and dressers to household appliances and garbage, was scattered along curbs.