In this video, we want to talk about policy assumptions. We always discuss this, but we want to focus on doing a policy assumption or transfer for a deceased insured.
Policy assumption is one of the greatest tools in flood insurance. This can help people who are buying a house find an easier means to flood insurance by adopting the one that the seller already has.
The federal-backed National Flood Insurance Program (NFIP) has a unique system wherein you can actually get the existing flood policy from the seller of the house that you're buying. This is called a policy assumption.
If you've been following us, you know that we've already discussed what a flood insurance transfer means. In this video, we help you understand what a flood insurance policy rollover means.
We've talked about how assuming a policy when buying a house can be a great tool for a homeowner. For this one, we want to go in-depth and really understand how policy assumptions work.
When buying a home, you want to lessen the costs as much as possible without cutting corners. This is especially true when it comes to flood insurance.
In this video, let's do a little storytime on our experience here at Flood Insurance Guru on policy assumption and answer the question: Is doing a policy transfer really the best thing to do?