What is new in flood insurance this October?
If you have a tenant policy in the standard program, the federal policy fee is decreasing after October 1st. The fee was $50 and is decreasing to $25. The federal policy fee for tenants in the preferred program ($25) is not changing.
HFIAA Surcharge - Some policies had a federal policy fee that was previously fully earned and nonrefundable. FEMA will be allowing the insurance companies after October 1st, to refund the surcharge at prorata rates for certain cancellations. Those qualified reasons that allow prorata return of the policy fee for -
-Mortgagee no longer requires flood
-Mortgage paid off
The last major change to flood policies this October is a requirement for a signed and dated form to increase flood deductibles. A signature is not required to lower the deductible, but increasing flood deductibles will now require a policyholder signature.
We are still encouraging all our flood clients to complete the online portal signup for their policies. Past experience has shown that during a catastrophic event, speedy claims reporting is key. Already having your information set up online can make your flood claim report faster and easier. Please consider setting up your flood portal today!
Questions about your flood policy? Call us to review at 919-755-1401.
Ready to sign up for client portal? Click Link to Auto-Owners Flood Click Link to Selective Flood