NFIP Policy Renewal: Difference between revisions

Latest revision as of 08:32, 3 March 2025

NFIP policy renewals ensure continuous flood insurance coverage under a new one-year policy term. Renewals follow strict guidelines to avoid lapses in coverage and ensure compliance with NFIP rules.

Renewal Timeline

Renewal Notice: Sent at least 45 days before the policy expiration date, providing two coverage options:

Option A: Same coverage as the current policy.
Option B: Increased coverage (10% for building and 5% for contents).

Premium Payment: Must be received by the insurer:

Before expiration or within the 30-day grace period to maintain continuous coverage.
Payments after 30 days require a new application, full-risk rating, and a 30-day waiting period.

Rules and Restrictions

Coverage Changes Before Expiration:

Coverage increases above Option B must be requested at least 30 days prior to expiration.
Late requests are subject to NFIP’s 30-day waiting period and cannot apply on the renewal date.

Renewal Bill Adjustments:

Renewal bills cannot be regenerated once issued or after the policy expires.

Avoid Common Errors

These guidelines help agents and underwriters navigate NFIP renewals efficiently while maintaining compliance and reducing errors.

Timing

Submit changes early to ensure FEMA’s system calculates accurate renewal quotes.

Payment Deadlines

Communicate with policyholders about payment due dates to avoid lapses and loss of discounts.

Policy Expiration

Watch the Expired Policies queue. Once a policy expires, the renewal process cannot proceed; a new application is required.

This page contains details about NFIP Policy Renewal.
Find more in the How To Renew section of the NFIP Flood Insurance Manual.

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-{{placeholder}}{{line-nfip-renew}}{{info-nfip-sfip}}
+{{info-nfip-sfip}}
+'''NFIP policy renewals''' ensure continuous flood insurance coverage under a new one-year policy term. Renewals follow strict guidelines to avoid lapses in coverage and ensure compliance with NFIP rules.
-=== NFIP Renewals Summary ===
+== Renewal Timeline ==
-NFIP policy renewals ensure continuous flood insurance coverage under a new one-year policy term. Renewals follow strict guidelines to avoid lapses in coverage and ensure compliance with NFIP rules.
-----
-==== Renewal Timeline ====
+'''Renewal Notice''': Sent '''at least 45 days''' before the policy expiration date, providing two coverage options:
+* '''Option A''': Same coverage as the current policy.
+* '''Option B''': Increased coverage (10% for building and 5% for contents).
-* '''Renewal Notice''': Sent '''at least 45 days''' before the policy expiration date, providing two coverage options:
+'''Premium Payment''': Must be received by the insurer:
-** '''Option A''': Same coverage as the current policy.
+* '''Before expiration''' or within the '''30-day grace period''' to maintain continuous coverage.
-** '''Option B''': Increased coverage (10% for building and 5% for contents).
+* Payments after 30 days require a new application, full-risk rating, and a 30-day waiting period.
-* '''Premium Payment''': Must be received by the insurer:
-** '''Before expiration''' or within the '''30-day grace period''' to maintain continuous coverage.
-** Payments after 30 days require a new application, full-risk rating, and a 30-day waiting period.
-----
+== Rules and Restrictions ==
-==== Key Rules and Restrictions ====
+'''Coverage Changes Before Expiration''':
+* Coverage increases above '''Option B''' must be requested '''at least 30 days prior to expiration'''.
+* Late requests are subject to NFIP’s 30-day waiting period and cannot apply on the renewal date.
-# '''Coverage Changes Before Expiration''':
+'''Renewal Bill Adjustments''':
-#* Coverage increases above '''Option B''' must be requested '''at least 30 days prior to expiration'''.
+* Renewal bills cannot be regenerated once issued or after the policy expires.
-#* Late requests are subject to NFIP’s 30-day waiting period and cannot apply on the renewal date.
-# '''Renewal Bill Adjustments''':
-#* Renewal bills cannot be regenerated once issued or after the policy expires.
-----
+== Avoid Common Errors ==
+These guidelines help agents and underwriters navigate NFIP renewals efficiently while maintaining compliance and reducing errors.
-==== Avoiding Common Errors ====
+==== Timing ====
+Submit changes early to ensure FEMA’s system calculates accurate renewal quotes.
-* '''Timing''': Submit changes early to ensure FEMA’s system calculates accurate renewal quotes.
+==== Payment Deadlines ====
-* '''Payment Deadlines''': Communicate with policyholders about payment due dates to avoid lapses and loss of discounts.
+Communicate with policyholders about payment due dates to avoid lapses and loss of discounts.
-* '''Policy Expiration''': Once a policy expires, the renewal process cannot proceed; a new application is required.
-These guidelines help agents and underwriters navigate NFIP renewals efficiently while maintaining compliance and reducing errors.
+==== Policy Expiration ====
+Watch the [[Agency Workspace#Expired Policies|Expired Policies queue]]. Once a policy expires, the renewal process cannot proceed; a new application is required.
+{{line-nfip-renew}}