When should flood insurance payments be made? At closing or before closing? If a flood insurance payment is late it can create some major issues with coverages.
So when should payments be made? Well it depends on who is making the payment. If the insurance agent or the insured also known as the property owner is making the payment they have 10 days to make the payment if it is a NFIP policy. If it is a title company or mortgage company that is making the payment they have 29 days to make the payment. So what happens if the payment is late?
Well let's remember first what the NFIP waiting period on flood insurance policies is? When a loan closing is involved there is no wait period but if it is not for a loan closing than it is a 30 day wait period. So let's say that the mortgage company sends in the payment on the 31st day, what happens?
Well because of the NFIP strict guidelines coverage would not start for 30 days because once payment is received after the 30th day is when the wait period starts. So what if the closing date changed?
If the closing date changed from the original date NFIP just requires a copy of the closing statement that shows what the closing date was. So lastly when should flood insurance payments be made? Before closing or at closing? Well to avoid any coverage issues we also recommend paying it before closing even though the mortgage company may not require it. However many mortgage companies are starting to require it to avoid such coverage issues down the road.
If you have questions about flood insurance payments or maybe a lapse in coverage a payment caused you please reach out to us. Visit our website Flood Insurance Guru, subscribe to our YouTube channel or like our Facebook page where we do daily flood educational videos.
Chris Greene
5/1/2019
When Should Flood Insurance Payments Be Made? At closing or Before closing?
0 Comments
CATEGORIES
- national flood insurance program (27)
- Private Flood Insurance (23)
- Flood Insurance Options (16)
- Insurance agents (15)
- NFIP (15)
- Commercial Flood Insurance (14)
- property owners (14)
- investors (13)
- FEMA (12)
- Loan Officers (12)
- NFIP Risk Rating 2.0 (12)
- realtors (12)
- residential flood insurance (11)
- Flood Insurance Coverage (10)
- Risk Rating 2.0 (9)
- federal emergency management agency (9)
- Alabama (8)
- Flood Insurance Coverages (7)
- Flood Zones (7)
- FHA loans (6)
- Mortgage Company (6)
- Southeastern Region (5)
- elevation certificates (5)
- flood claims (5)
- Flood Insurance premiums (4)
- Flood Map Updates (4)
- Loan type (4)
- NFIP 2.0 (4)
- flood insurance (4)
- Birmingham Alabama (3)
- Birmingham Alabama flood insurance options (3)
- Closing Attorney (3)
- Disaster Assistance (3)
- Flood Insurance Alabama (3)
- Foundation types (3)
- Home Insurance (3)
- Huntsville Alabama (3)
- Mortgages (3)
- Title Company (3)
- all regions (3)
- all states (3)
- cancellation reasons (3)
- flash flooding (3)
- flood insurance cost (3)
- policy assumptions (3)
- Alabama flood insurance (2)
- Assurant Flood Insurance (2)
- Best commercial flood insurance companies in 2022 (2)
- Flood Education (2)
- Flood Insurance Rate Maps (2)
- Lloyd's (2)
- March 2022 Birmingham Alabama Flooding (2)
- Residential private flood insurance (2)
- SFHA (2)
- alabama flood (2)
- commercial building flood insurance (2)
- commercial buildings (2)
- condo flood insurance (2)
- do i need flood insurance in huntsville al (2)
- federal flood insurance (2)
- flood insurance claims (2)
- flood insurance commercial (2)
- flood insurance for apartment buildings (2)
- flood insurance in huntsville al (2)
- flood insurance options in huntsville al (2)
- flood insurance rates (2)
- flood insurance requirements (2)
- flood mitigation (2)
- flood risks (2)
- guide to flood insurance in huntsville al (2)
- lloyds of London (2)
- private flood insurance pricing (2)
- renters (2)
- special flood hazard areas (2)
- spring flood (2)
- spring runoff (2)
- understanding flood zones in huntsville al (2)
- usda loan (2)
- wait periods (2)
- 2020 FHA (1)
- 5 tips when purchasing flood insurance (1)
- Alabama Flood Zone AE (1)
- Best commercial flood insurance in 2022 (1)
- Brush Fire (1)
- Columbia MS (1)
- Covington Georgia (1)
- Dam flood insurance rates (1)
- Detroit Michigan (1)
- Flood Insurance Coverage Increase (1)
- Flood Insurance Map Changes Texas (1)
- Flood Insurance Pricing Virginia (1)
- Flood Insurance Texas (1)
- Flood insurance for Mortgages (1)
- Flood insurance in Alabama (1)
- Georgia flood map updates (1)
- Guide to flood zone ae 2024 (1)
- Guide to flood zone ae pillar (1)
- Hoover Alabama (1)
- Hurricane Harvey (1)
- Insurance (1)
- Learning Disability (1)
- Marion County MS (1)
- Midwest Region (1)
- Mississippi (1)
- Ohio (1)
- Parametric Flood Insurance (1)
- Pelham Alabama Home Buyers (1)
- Pelham Alabama flood Insurance options (1)
- Premium Financing Flood Insurance (1)
- Private flood insurance Texas (1)
- Real Estate (1)
- Real estate Agent FAQ (1)
- Saving Money on Flood Insurance Birmingham alabama (1)
- Smith Lake Alabama (1)
- Write-Your-Own Program (1)
- acknowledgment form (1)
- additional living expenses (1)
- alabama flood zones (1)
- alabama flooding (1)
- am i in flood zone (1)
- best flood insurance birmingham alabama (1)
- builders risk (1)
- buying power (1)
- california fire (1)
- cancellation (1)
- cancelling flood insurance (1)
- cheap flood insurance alabama (1)
- cheap flood insurance rates (1)
- cheap flood insurance tennessee (1)
- cheapest flood insurance in alabama (1)
- city of birmingham (1)
- claim inquiry (1)
- claims variable (1)
- community rating system (1)
- crs (1)
- cullman alabama (1)
- cullman alabama flood insurance (1)
- detroit flood insurance (1)
- escrow (1)
- excess flood insurance (1)
- flood insurance Tennessee (1)
- flood insurance cancellation (1)
- flood insurance cost in virginia (1)
- flood insurance deductible (1)
- flood insurance for coastal communities (1)
- flood insurance for investors (1)
- flood insurance for renters (1)
- flood insurance in utah (1)
- flood insurance options in virginia (1)
- flood insurance payments (1)
- flood insurance policies (1)
- flood insurance policy (1)
- flood insurance pricing (1)
- flood insurance purchase (1)
- flood insurance quote expired (1)
- flood insurance quotes (1)
- flood insurance rate changes (1)
- flood insurance utah cost (1)
- flood loss (1)
- flood loss data (1)
- flood loss form (1)
- flood loss history (1)
- flood maps (1)
- flood zone (1)
- flood zone a (1)
- flood zone a coverages (1)
- flood zone ae (1)
- flood zone ae guide (1)
- florida flood insurance requirements (1)
- florida flood zones (1)
- guide to flood insurance costs (1)
- guide to flood insurance in virginia (1)
- homeowners insurance (1)
- how long is a flood insurance quote good for (1)
- how much is flood insurance in virginia (1)
- increased cost of compliance (1)
- is flood insurance required in florida (1)
- jackson ga (1)
- jackson lake georgia (1)
- letter of map amendment (1)
- letter of map revision (1)
- lloyds of london 2024 (1)
- loma (1)
- macon georgia (1)
- michigan flood insurance (1)
- midterm cancellation (1)
- mississippi flood insurance (1)
- mobile homes (1)
- multifamily property (1)
- national flood insurance pricing (1)
- national flood insurance program bad (1)
- non renewed (1)
- pelham alabama (1)
- private flood insurance alabama (1)
- private flood insurance in birmingham area (1)
- proof of flood loss form (1)
- renters flood insurance (1)
- residential buildings (1)
- saving money on your mortgage (1)
- snowstorm (1)
- tennesse flood insurance (1)
- utah flood insurance (1)
- va loans (1)
- virginia flood insurance (1)
- water endorsement (1)
- watkinsville GA flood map changes (1)
- which flood zones require flood insurance (1)
- wildfire (1)
- winter (1)
- winter damage (1)