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| | '''Scheduled Renewal Changes''' allow agents to modify coverage or policy details for the upcoming term ''before the renewal bill is generated''. These changes can be updated or abandoned at any time before the bill is created. |
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| Scheduled Renewal Changes allow agents to modify coverage or policy details for the upcoming term before the renewal bill is generated. These changes can be updated or abandoned at any time before the bill is created. After the renewal bill has been published, the agent must follow the [[NFIP Renewal Billing Changes]] process. | | Scheduled renewal changes are different than Policy Changes because they take effect on the Renewal of the next policy term, not on the current policy term. |
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| == Timing ==
| | After the renewal bill has been published, the agent must follow the [[NFIP Renewal Billing Changes]] process. |
| #* Changes must be submitted well in advance of the '''45-day pre-expiration window''' for Renewal Notices.
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| #* Any requests made close to the expiration date may require endorsements instead of scheduled changes.
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| == Allowable Changes ==
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| #* '''Increasing Coverage''':
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| #** Coverage increases must align with renewal rules:
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| #*** '''Option A''': Same coverage.
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| #*** '''Option B''': Up to a 10% increase for building coverage and 5% for contents.
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| #** Coverage increases beyond Option B must be requested '''at least 30 days prior to expiration''' to be reflected in the Renewal Notice. Late requests are subject to a '''30-day waiting period'''.
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| #* '''Decreasing Coverage''':
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| #** Requests to reduce coverage must be submitted before the renewal effective date and can be applied to the upcoming policy term.
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| #* '''Other Adjustments''':
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| #** Includes deductible changes, address corrections, or updates to rating variables like Building Replacement Cost Value (BRCV).
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| == Renewal Notice and Compliance ==
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| #* Insurers will submit updated policy details to FEMA, which recalculates the premium and generates a Renewal Notice reflecting the scheduled changes.
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| #* Renewal bills cannot be regenerated once issued or after the policy has expired.
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| # '''Impact of Late Requests''':
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| #* Coverage changes requested within 30 days of expiration may not be reflected on the Renewal Notice and could require separate processing as endorsements.
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| #* Late changes impacting coverage amounts or deductibles may cause delays in effective coverage.
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| == Best Practices ==
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| * Submit scheduled changes early to avoid delays or compliance issues.
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| * Confirm that the Renewal Notice accurately reflects the requested updates.
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| * Communicate clearly with policyholders about timing and the impact of changes on premiums or effective dates.
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| Scheduled Renewal Changes provide flexibility for agents to align policies with policyholder needs while ensuring compliance with NFIP rules.
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Scheduled Renewal Changes allow agents to modify coverage or policy details for the upcoming term before the renewal bill is generated. These changes can be updated or abandoned at any time before the bill is created.
Scheduled renewal changes are different than Policy Changes because they take effect on the Renewal of the next policy term, not on the current policy term.
After the renewal bill has been published, the agent must follow the NFIP Renewal Billing Changes process.
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