NFIP Policy Renewal: Difference between revisions

Revision as of 09:37, 3 December 2024

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 may need to be edited based on suggestions or concerns. Read more in the Discussion page.

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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 ==== Policy Expiration ====
-Watch the [[Expiration queue]]. Once a policy expires, the renewal process cannot proceed; a new application is required.
+Watch the [[Agency Workspace|Expired Policies queue]]. Once a policy expires, the renewal process cannot proceed; a new application is required.
 {{needsedit}}{{line-nfip-renew}}