Don’t pay your flood insurance renewal payments late!
Now 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.
Call us at (252) 482-4429 or (252) 261-9300 if you have any questions—or to review your flood policy.