Primary Residence: Difference between revisions
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{{info-nfip-sfip}} | |||
A '''primary residence''' is a building in which the policyholder or their spouse resides for: | |||
* '''More than 50%''' of the 365 days following the policy's effective date. | |||
* '''50% or less''' of the year if it is the policyholder's only residence and is not leased or used as rental property. | |||
==== Special Circumstances for Primary Residence Qualification ==== | ==== Special Circumstances for Primary Residence Qualification ==== | ||
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== Documentation Requirements == | == Documentation Requirements == | ||
If the mailing address matches the property address, then no additional documentation is required. | |||
If the addresses differ, then supporting documentation is required, such as: | |||
* Homestead Tax Credit form. | |||
* Vehicle registration. | |||
* Proof of insurance for a vehicle. | |||
* Documents showing school enrollment for children. | |||
* A signed and dated primary residence verification statement. | |||
== Primary Residence and Trusts == | == Primary Residence and Trusts == | ||
If the policyholder is a trust and the beneficiary resides in the home as a primary residence, then the policy can show this. However, the following requirement must be met. | |||
* The beneficiary must provide primary residence documentation. | |||
* The insurer must verify that the beneficiary is named in the trust (trust documents required). | |||
== Impact on HFIAA Surcharge == | == Impact on HFIAA Surcharge == | ||
* Policyholders classified as having a primary residence are charged a reduced HFIAA surcharge of '''$25''' per policy term. | |||
* Non-primary residences incur a significantly higher HFIAA surcharge of '''$250''' per policy term. | |||
{{nfip}} | |||
Latest revision as of 11:50, 10 December 2024
A primary residence is a building in which the policyholder or their spouse resides for:
- More than 50% of the 365 days following the policy's effective date.
- 50% or less of the year if it is the policyholder's only residence and is not leased or used as rental property.
Special Circumstances for Primary Residence Qualification
- Military Deployment:
- Active-duty personnel deployed for 50% or more of the policy year still qualify.
- Disaster Displacement:
- Individuals displaced due to a federally declared disaster or another loss event on the property maintain primary residence status.
- Extended Absences:
- Routine business travel, hospitalizations, or vacations of 50% or more of the policy year do not disqualify the property.
Documentation Requirements
If the mailing address matches the property address, then no additional documentation is required.
If the addresses differ, then supporting documentation is required, such as:
- Homestead Tax Credit form.
- Vehicle registration.
- Proof of insurance for a vehicle.
- Documents showing school enrollment for children.
- A signed and dated primary residence verification statement.
Primary Residence and Trusts
If the policyholder is a trust and the beneficiary resides in the home as a primary residence, then the policy can show this. However, the following requirement must be met.
- The beneficiary must provide primary residence documentation.
- The insurer must verify that the beneficiary is named in the trust (trust documents required).
Impact on HFIAA Surcharge
- Policyholders classified as having a primary residence are charged a reduced HFIAA surcharge of $25 per policy term.
- Non-primary residences incur a significantly higher HFIAA surcharge of $250 per policy term.
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