Don’t pay your flood insurance renewal payments late!

Flood Payment DueNow it is more important than ever that your NFIP flood policy renewal payment is received on time*.  If your payment is late, your premium could be adversely affected.

For all renewals effective April 1, 2016, the following rules have been added by the National Flood Insurance Program (NFIP):

  • For properties in special flood hazard areas (flood zones beginning with an A or V) that are currently rated with subsidized rates (no elevation certificate is used for rating), OR being rated under the Newly Mapped Program may lose their subsidized rates or Newly Mapped rates when the renewal payments are received as follows:
  • If the premium payment is received after the 30-day grace period, but within 90 days following the expiration date on or after April 1, 2016:
      • 1st time, the policy will be reinstated and the effective date will be 30 days from the date the insurer receives the payment (no change to rating).
      • 2nd time, the policy will no longer be eligible for subsidized rates or the Newly Mapped rates.  The effective date will be 30 days from the date the insurer receives the payment and a new application and/or an elevation certificate may be required to rate the policy.
  • If the premium payment is received more than 90 days after the policy expiration date, the policy will no longer be rated eligible for subsidized rates or with the Newly Mapped rates and a new application and elevation certificate will be required and the standard waiting period for new business will apply.

The above rules apply to flood premiums whether paid by you or your lender. Therefore, it is important that your renewal payments are made timely. If your lender pays your renewal premium, verify that your loan number and lender are correct and your payment has been processed.

Keep on top of flood insurance renewal payments—we want to help you stay safe and pay less.


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National Flood Insurance Program vs. Private Flood Markets

INational Flood Insurance Program vs. Private Flood Marketsf you are like many other Floridians, the cost of flood insurance is always on your mind. Coastal areas of Florida already face high flood insurance premiums, but with more increases on the horizon, it helps to have a trusted advisor there to answer questions.

We encourage our flood policyholders to renew without a lapse in coverage. Once a policyholder leaves the National Flood Insurance Program (NFIP), there is a 30-day wait to return. In addition, if you considered leaving the NFIP to be rewritten with an insurance company that is not a recognized NFIP insurance company, your status with the NFIP is broken. For instance, if you went to a UK market for flood insurance this year and later  wanted to return to the NFIP program, your flood insurance premium would be based on current actuarial rates and any revised flood maps would be used. This could result in a drastic premium change for the policyholder. Not all Private Flood Insurance markets are equal. It is important to review the policy forms since private flood insurance policies are not guaranteed to renew like the NFIP. Finally, the lender does not always accept private flood insurance.

Speak to one of our Personal Insurance Advisors to learn more about what is right for you and your home. Call us today at 727-522-7777.