In this week's podcast we are discussing flood insurance cancellations. Can your flood insurance be cancelled? Why can it be cancelled? What can you do?
Can Your Flood Insurance Be Cancelled
So can flood insurance be cancelled? Yes it can be cancelled for many reasons whether it is through the National Flood Insurance Program or the private flood insurance market. These markets each have different guidelines for handling cancellations and the notification process.
Why Can It Be Cancelled?
Flood insurance can be cancelled for alot of different reasons like an application not being returned, payment not received during a certain time frame. It could also be cancelled if you have duplicate coverage in place, or the property is uninsurable. These are just a few reasons when the policy is initially setup. So what about a policy being cancelled at renewal.
A flood insurance policy maybe cancelled at renewal for some other reasons. For example with the National Flood Insurance Program they may need photos or an elevation certificate to determine the renewal rating for the risk. So if these things are not received before the renewal then the policy might be cancelled.
Private flood insurance might cancel the policy for other reasons like claims. They may have taken in a large amount of claims in the area and have decided to move out of the area. They might also decide to cancel your flood insurance policy because of a claim you had or a previous claim they discovered on the property.
So What Can You Do?
So what can you do about this cancellation? Well thankfully with the recent passing of private flood insurance availability on loan types you now have more options. Let's say you can not get the documents into the National Flood Insurance Program in time then you will want to look at the private market for flood insurance. You will want to make sure the same coverage is offered and the dates match up. If there is a gap of one day then it could cause a big jump in premium and penalties. Get a private quote now by clicking here.
What if your private flood insurance policy is being cancelled? Even if your private flood insurance is being cancelled generally there will still be more options for you out there. Get a quote now by clicking this link.
Maybe you have further questions about this cancellation process. You can visit our website Flood Insurance Guru to learn more. You can also check out our YouTube channel or Facebook page where we do daily flood education videos. Want to get questions answered quickly then join our open Facebook group Flood Education and Flood Insurance Awareness.
