NFIP New Business

This page is a placeholder. More information will be added soon.

This page contains details about NFIP New Business. Find more in the How To Write section of the NFIP Flood Insurance Manual.

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

Overview

The "New Business" process in the NFIP involves initiating and securing flood insurance coverage for a property. Below are the key steps and considerations:

Key Difference: Binding

Unlike typical Property and Casualty insurance, the NFIP does not recognize the practice of "binding" a policy through temporary agreements, such as policy binders signed by the agent and insured. As a federal program, the NFIP requires two essential components to issue a policy:

1. A Completed Application: All required fields must be filled accurately, including eligibility and property details.
2. Full Premium Payment: The total premium must be submitted with the application before coverage is effective.

This ensures that coverage is only provided when both requirements are met, in compliance with federal regulations.