Borough Saves Over $42,000 Via Self-Initiated Flood Insurance Audit

The Borough of Avalon will realize over $42,000 in savings as a result of an internal, self-initiated flood insurance audit that analyzed the coverage for all facilities in the Borough of Avalon.  The audit was conducted by the office of Mayor Martin Pagliughi and by the Borough’s claims adjuster.  New elevation certificates provided by the Avalon municipal engineer, along with assistance from the Avalon Department of Public Works and Avalon Tax Assessor’s office reduced the number of flood policies needed and a significant savings for taxpayers.

“Managing the Borough’s finances and implementing initiatives to maximize cost savings is a daily task”, said Avalon Mayor Martin Pagliughi.  “I appreciate the months-long effort by our professionals to verify and update all information regarding our critical infrastructure in order to make necessary adjustments in our flood insurance policies that result in insured facilities at the best price possible”.

The audit consisted of evaluating every Borough facility that currently has flood insurance to evaluate the elevation of the building, the value of the property, the value of the contents of the property, and the need for flood insurance.  Due to proactive efforts of the Avalon Borough Council and administration, the Borough was able to reduce the flood insurance premium to the Borough by $42,772.  This evaluation ensures that the Borough facilities are properly insured and mitigates expected increases in flood insurance rates in future years.

The Borough of Avalon has its own Floodplain Management Plan drafted by a volunteer committee of residents and professionals that evaluates flood prevention and partnerships that the Borough can create in order to provide greater resiliency to the community.  The creation of this Borough-specific Floodplain Management Plan results in more points in the CRS system that determines the discount applied to flood premiums paid by property owners in the community.

On Tuesday, January 22nd, the Borough will participate in a complete review of its flood management practices with FEMA that may result in an additional five to ten percent savings on flood insurance premiums paid by property owners.

2019-01-22T08:31:47+00:00