FEMA Floodplain Program
Osceola County began participating in the National Flood Insurance Program (NFIP) in the year 1982 with the first effective Federal Emergency Management Agency (FEMA) flood map in place. The main objective of the program is to protect citizens life and health; to control the alteration of natural floodplains; and to insure that potential home buyers are notified if a property is located in a flood hazard area. Under the National Flood Insurance Act (42 U.S.C. 4001 et seq.), federally supervised, approved, regulated or insured financial institutions must require flood insurance as a condition of making, increasing, extending, or renewing loans on improved real property or mobile homes located in identified special flood hazard areas.
This applies to conventional home mortgage loans, home improvement loans, construction loans, and/or commercial loans. Participation in the NFIP is based on an agreement between local communities, like Osceola County, and the federal government which states that if a community will implement and enforce measures to reduce future flood risks to new construction in special flood hazard areas, the federal government will make flood insurance available within the community as a protection against flood losses.
Osceola County also participates in The Community Rating System (CRS) which is a program implemented by the Federal Emergency Management Agency (FEMA) to reward communities such as Osceola County which undertake floodplain activities beyond the requirements of the National Flood Insurance Program (NFIP). The CRS is a point system program; the greater the number of points earned by a community the greater the reduction in flood insurance premiums for the citizens of that community.
Osceola County began participation in the CRS in 1994 and currently has earned enough CRS points to be awarded a class 6 rating. This class 6 means that the citizens of Osceola County who have flood insurance are receiving a 20% discount on a flood insurance policy for Special Flood Hazard Areas (SFHA) and a 5% discount for Non-Special Flood Hazard areas (Non-SFHA).