NFIP Renewal Quotes: Difference between revisions

Revision as of 10:44, 2 December 2024

The Renewal Quote process ensures accurate premium calculations and compliance with NFIP guidelines for policy renewals. Renewal quotes are used to provide updated coverage options and premium amounts for the next policy term.

Renewal Quote Process

Renewal quotes can be completed through Equinox.

Create Renewal Quote in Equinox

90 Day Limit

Insurers may submit updated policy details to FEMA, including coverage changes, no earlier than 90 days before the policy expiration date. The Rating Engine will not publish rates prior to the 90-day limit.

Coverage Changes

Renewal coverage changes can be quoted at any time. However, there are restrictions on some renewal options.

Renewal Bills during the Grace Period:

Renewal bills cannot be reprinted on or after the policy expiration date.

Increases Above Option B:

Quotes to increase coverage above Option B should be submitted at least 30 days prior to expiration in order to be effective at renewal.
Late requests require an endorsement and are subject to the NFIP’s 30-day waiting period, making the increased coverage effective after the renewal date.

Best Practices

Submit policy updates early to ensure the Renewal Notice reflects requested changes.
Educate policyholders on coverage options and the importance of timely payment.
Avoid late coverage requests or reliance on expired renewal processes.

The Renewal Quote process provides flexibility while maintaining strict guidelines to ensure compliance and accurate premium determination for the upcoming policy term.

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.

@@ Line 3: / Line 3: @@
 == Renewal Quote Process ==
+Renewal quotes can be completed through Equinox.
-'''Submit Policy Information''':
+{{call-eq
-* Insurers submit updated policy details, including any requested changes, to FEMA '''no earlier than 90 days''' before the policy expiration date.
+|message = [[Create Renewal Quote|Create Renewal Quote in Equinox]]
-* FEMA uses this data to calculate premium options, incorporating any updated rating variables, such as Building Replacement Cost Value (BRCV).
+}}
-'''Receive Premium Options''': <br>
+=== 90 Day Limit ===
-FEMA provides two coverage options for the Renewal Notice:
+Insurers may submit updated policy details to FEMA, including coverage changes, '''no earlier than 90 days''' before the policy expiration date. The Rating Engine will not publish rates prior to the 90-day limit.
-* '''Option A''': Renew with the same coverage and deductibles as the current policy.
-* '''Option B''': Renew with increased coverage amounts (10% for building and 5% for contents), subject to maximum limits and deductible adjustments.
-'''Generate Renewal Notice''':
+=== Coverage Changes ===
-* The insurer sends the Renewal Notice '''at least 45 days before expiration''', including the two coverage options.
+Renewal coverage changes can be quoted at any time. However, there are restrictions on some renewal options.
-* The Renewal Notice cannot be regenerated after it is issued or after the policy expires.
-== Important Rules ==
+'''Renewal Bills during the Grace Period''':
+* Renewal bills cannot be reprinted on or after the policy expiration date.
-'''Changes Above Option B''':
+'''Increases Above Option B''':
-* Requests to increase coverage beyond '''Option B''' must be submitted '''at least 30 days prior to expiration'''.
+* Quotes to increase coverage above '''Option B''' should be submitted '''at least 30 days prior to expiration''' in order to be effective at renewal.
 * Late requests require an endorsement and are subject to the NFIP’s '''30-day waiting period''', making the increased coverage effective after the renewal date.
-'''Timely Payment''':
-* Payment for the selected coverage must be received '''on or before the expiration date''' or within the '''30-day grace period''' to avoid a lapse in coverage.
-'''Policy Expiration''':
-* If payment is not received within the grace period, the policy cannot be renewed. A new application with full-risk rating is required.
 == Best Practices ==