NFIP Renewal Billing Changes

Policy Guide

Standard Flood Insurance Policy

Applications

Equinox Procedure
Waiting Periods : Occupancy Foundations : Discounts

New Business

Elevation Certificates
Primary Residence
BRCV : Venting : Condos

Renewals

Equinox Procedure
Billing Changes

Changes

Equinox Procedures
Mortgagee : Insured
Transfer of Ownership
Coverage Limits

Cancellations

Equinox Procedure
Request Forms : Signatures
Reasons : Documents

Summary

Renewal Billing Changes involve adjustments to the renewal bill for NFIP flood insurance policies to reflect updated coverage or rating information. While changes can be made after the Renewal Notice is issued, specific timing and compliance requirements apply.

Key Points

1. Timing of Changes:
   • Renewal bills can be updated after issuance, provided changes follow NFIP guidelines for increases above Option B (10% for building coverage and 5% for contents coverage).
   • Renewal billing cannot be amended on or after the policy expiration date. After expiration, a new application is required to reinstate coverage.
2. Allowable Adjustments:
   • Coverage Increases:
     • Adjustments above Option B must be requested at least 30 days before the expiration date to avoid delays or waiting periods.
     • Late requests for increases exceeding Option B are processed as endorsements after renewal and are subject to the 30-day waiting period.
   • Other Changes:
     • Adjustments to deductibles, rating variables (e.g., Building Replacement Cost Value), or other policyholder details.
3. Restrictions:
   • Changes made after the policy expiration date are not allowed. The policyholder must submit a new application for coverage.
   • Requests close to the expiration date may require processing through endorsements rather than updates to the renewal bill.
4. Payment Considerations:
   • Adjusted billing amounts require timely payment by the policyholder to avoid lapses in coverage.
   • Additional payments resulting from updates must be received before the expiration date or within the 30-day grace period to ensure coverage continuity.

Best Practices

• Submit billing change requests early to ensure they are processed before policy expiration.
• Confirm Renewal Notices accurately reflect requested adjustments to avoid issues with effective dates.
• Communicate clearly with policyholders about payment deadlines and any changes to coverage or premium amounts.

By adhering to these guidelines, Renewal Billing Changes can be made efficiently while ensuring compliance with NFIP rules and avoiding lapses in coverage.

This page is a rough draft and will need more work before it's finalized.

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