The Flood Insurance Guru Blog
There are major changes coming to the flood program in Toledo, Ohio October 1st. You will now have the option to cancel your NFIP flood policy and go to the private market if you qualify. This could save you up to 70% on your flood insurance and give you more coverage. Below you will see a bulletin from FEMA regarding this change.
National Flood Insurance Program October 1, 2018, Program Changes: A Summary The changes outlined in this bulletin apply to new business, renewals, endorsements, and cancellations that will become effective on or after October 1, 2018. 1. Cancellation Reason Code 26 for Duplicate Coverage under Non-NFIP Policy Beginning October 1, 2018, FEMA will establish Cancellation Reason Code 26 to allow cancellation of an NFIP policy when a policyholder has obtained a duplicate policy from sources other than the NFIP. The non-NFIP insurance coverage must be for building coverage on the same building that is insured by the flood policy being canceled. Cancellation Effective Date: The date the cancellation request is received by the insurer. Type of Refund: Pro-rata refund including ICC premium, Reserve Fund Assessment, and HFIAA Surcharge. The refund does not include the Federal Policy Fee and Probation Surcharge (if applicable). Cancellation Request: Must be received within the current NFIP policy year. Required Documentation: A copy of the non-NFIP policy’s declaration page and a statement from the mortgagee, if any, accepting the non-NFIP policy as the replacement. Years Eligible for Refund: Current year.
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You just found out your dream home is in a high risk flood zone and your are crushed, what do you do? You start calling around getting pricing but you are being told all these different documents are needed. So what exactly are these documents, well one is a zone determination and another is an elevation certificate.
A zone determination letter is a document that is normally provided by the National Flood Insurance program. This document tells exactly what flood zone the property is in, whether its a special hazard loan, and if the community participates in the national flood insurance program.
An elevation certificate is a document provided by a surveyor that shows the different elevations of the home, appliances, and area around the home. The elevations on this certificate will tell you whether this property can be removed from a special hazards home.
Understanding the difference between these is important when looking at a flood zone property because it can have a big impact on your ability to resell the home. There is also a big difference in pricing zone determinations should be free to you, if you are being charged just click her to get your free zone determinationwww.floodinsuranceguru.com. When it comes to elevation certificates these can cost between $400-$1000 because it requires a someone to come survey the property. Many times if someone already has flood insurance on the property you might be able to obtain the elevation certificate from which ever insurance company that holds the flood insurance policy.
If you have questions about how to get an elevation certificate or a zone determination we recommend reaching out to a flood insurance expert like Chris Greene at the Flood Insurance Guru.