Efforts in Cedar Rapids prompt drop in flood insurance rates Follow Us Question of the Day By MARISSA PAYNE - Associated Press - Saturday, February 6, 2021 CEDAR RAPIDS, Iowa (AP) - When the Cedar River flooded over 10 square miles of the city in 2008, few property owners had flood insurance - slowing recovery for residents and business owners as they waited for resources from the federal government. In 2010, city officials set out to change that by beginning the process to participate in the National Flood Insurance Program’s Community Rating System, administered by the Federal Emergency Management Agency. The city’s participation in the program means residents who buy flood insurance receive lower premiums for their homes or businesses.