Hello Chris Greene here, the Flood Insurance Guru. Today we're talking about, are flood insurance policies refundable? And the answer to that question is yes and no. There are situations where a flood insurance policy is completely refundable. Let's just take for example that you're buying a home and the closing does not go through. Then if you get a letter to the flood insurance company stating that the closing did not go through, why it did not go through and a signed cancellation letter then this policy can be canceled flat.

Another way to get a policy, a flood insurance policy refunded is typically it would be prorated depending in when you refund it is if your flood zone has changed. If you've got an elevation certificate and done a map change or a zone change and you have proof of that and you submit that to your mortgage company and they no longer require it, then you can also have your flood insurance refundable. Another situation is if, depending on your loan type and depending on your bank if they allow it, if you've done a flood insurance policy through the National Flood Insurance program and your bank allows you to have private, you can submit that to FEMA and they can also prorate your refund.

So these are just a few ways that insurance is refundable. However it is kind of strict to these few things where it is refundable because typically it's non-refundable. So if you have any questions about flood insurance, maybe trying to get a refund on some of your premiums please reach out to us. www.floodInsuranceGuru.com, you can find us on Facebook and YouTube The Flood Insurance Guru, or you can even give us a call 205-451-4294. 

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