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|color = blue
|color = blue
|title =
|title =
|text = This procedure explains how agents can submit requests to change coverage limits on an NFIP policy using the Equinox platform. Coverage changes may include increases or decreases to building and contents coverage and must comply with NFIP guidelines. Supporting documentation may be required depending on the type of change.
|text = This procedure explains how agents can submit requests to change coverage amounts on an NFIP policy. Coverage changes include increases or decreases to building and contents coverage, as well as deductible changes. Supporting documentation may be required depending on the type of change.
}}
{{img-proc-nofrm
|file = File:Img-vector-change-Z.png
|caption = Policy Changes require specific actions to meet federal guidelines
}}
}}
== Coverage Change Types ==
{| class="wikitable uw-details"
!'''Type'''
!'''Waiting Period Rules'''
!'''Required Documentation'''
|-
|'''Coverage Increase'''
|Standard Waiting Period or Exception
|None
|-
|'''Coverage Decrease'''
|None; can be applied to inception
|Proof of over-insurance (e.g., property appraisal) or documentation of building damage.
|-
|'''Deductible Increase'''
|None
|None
|-
|'''Deductible Decrease'''
|Standard Waiting Period or Exception
|Statement from lender rejecting deductible amount
|}
{{clear}}
{{clear}}
== Procedural Steps ==
== Procedural Steps ==
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|content =
|content =
{{Box task
{{Box task
|image = Img-proc-actions-change-insured.png
|image = Img-proc-actions-change-coverage.png
|size = 200px
|size = 200px
|alt = An image showing the "Policy Changes" menu along the right side of the page.
|alt = An image showing the "Policy Changes" menu along the right side of the page.
|caption = Use the "Policy Changes" menu along the right side of the page.
|caption = Use the "Policy Changes" menu along the right side of the page.
|text = <big>'''Open the [[Policy Record]] to start'''</big>
|text = <big>'''Open the [[Policy Record]] to start'''</big>
To quickly navigate to the Policyholder section:
To quickly navigate to the '''Coverages and Deductibles''' section:
* Find the '''Policy Actions''' block on the right
* Find the '''Policy Actions''' block on the right
* Choose '''Policy Changes'''
* Choose '''Policy Changes'''
* From the next menu, click the '''Policyholder''' or '''Co-insured''' option
* From the next menu, click the '''Coverages and Deductibles''' option
Otherwise, scroll down to the Policyholder section manually.
Otherwise, scroll down to the "Coverages, Deductibles and Discounts" section manually.
}}
}}
<!-- END OF COLLAPSIBLE SECTION -->
<!-- END OF COLLAPSIBLE SECTION -->
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|title = 2. Edit Coverage
|title = 2. Edit Coverage
|content =
|content =
<big>Use the '''Edit button''' (pencil icon) in the upper right of the '''Coverages and Deductibles''' section.</big><br>
{{Box task
|image = Img-proc-change-insured-add.png
|size = 200px
|caption = After selecting the Add Insured button, choose either a co-insured or an additional insured.
|text =
When adding a new insured (co-insured or additional insured), click the "'''Add Insured'''" button in the upper right of the Policyholder section.
* Select "Individual", "Business", or "Legal Trust"
* Enter the contact details in the fields below.
* All starred fields are required.
}}
'''Once all details are entered, click the "Save" button (move to Step 3 below).'''
<big>Use the '''Edit button''' (pencil icon) in the upper right of the Policyholder section.</big><br>
{{Img-proc-free
{{Img-proc-free
|style = padding-top: 1em
|style = padding-top: 1em
|file = Img-proc-change-insured-edit-icon.png
|file = Img-proc-change-coverage-edit.png
|size = 500px
|size = 500px
|caption = Use the Edit button (pencil icon) in the upper right of the Policyholder section.
|caption = Use the Edit button (pencil icon) in the upper right of the Coverages and Deductibles section.
}}
}}
This will open the Insured fields for editing. <br>
This will open the coverage fields for editing.
Each insured (policyholder, co-insured, or additional insured) will have their own section for editing.
{{Box task
{{Box task
|image = Img-proc-change-insured-edit-fields.png
|image = Img-proc-change-coverage-fields.png
|size = 250px
|size = 400px
|alt = An image showing the options in the Policyholder section.
|caption = Make adjustments to the coverage and deductibles as appropriate.
|caption = Make the appropriate entries to the policyholder details as needed.
|text =
|text =
<big>'''Update Contact Details'''</big><br>
<big>'''Make Changes to Coverage and Deductibles'''</big><br>
Changes to email address, phone number, and mailing address.<br>
Changes to coverage must follow NFIP guidelines for [[Effective Date]] calculation and documentation.<br>
{{Attention|If the mailing address is used to verify '''[[Primary Residence]]''', then it cannot be changed until a document has been submitted in its place.}}
Refer to the boxes below to confirm proper calculation and required documents.
}}
<big>'''Coverage Change Rules'''</big><br>
{{collapsible-details
|number = 21
|title = Coverage Increase
|content =
'''Coverage increases have a standard 30-day [[Waiting Period]] applied, unless they qualify for an exception.'''
{{Docs-req|1=[[Premium Payment]]}}
{{Attention|'''[[NFIP Effective Date Calculation]]''' rules apply to coverage increases that can alter the requested effective date.}}
}}
{{collapsible-details
|number = 22
|title = Coverage Decrease
|content =
'''Coverage decreases have no [[Waiting Period]].'''
When coverage is reduced to zero, the corresponding deductible must be set to zero.
Coverage decreases can be made on '''upcoming renewals''' without the requirements needed for policy changes. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=148]
{{Docs-req|1='''Building coverage''': proof the building is over-insured, either through error or removal. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=145] }}
{{Docs-req|1='''Duplicate RCBAP coverage''': copy of the RCBAP declarations page. }}
{{Docs-req|1='''Contents coverage''': proof the property was sold or removed. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=145] }}
{{Attention|1=If due to error, the decrease is effective at inception. <br>If due to damage or removal, it is effective '''the day after''' the event date. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=145] <br>If due to duplicate RCBAP building coverage, it is effective the date the RCBAP coverage started. [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=146]}}
}}
{{collapsible-details
|number = 23
|title = Deductible Increase
|content =
When coverage is increased from zero, any deductible may be chosen; however, deductible decreases have a 30-day waiting period.
{{Attention|Deductible increases have no '''[[Waiting Period]]'''.}}
}}
{{collapsible-details
|number = 24
|title = Deductible Decrease
|content =
'''Deductible decreases have a standard 30-day [[Waiting Period]] applied, unless they qualify for an exception.'''
{{Docs-req|1=A '''lender's letter''' that requires a lower deductible [https://www.fema.gov/sites/default/files/documents/fema_nfip_flood-insurance-manual_042024.pdf#page=147] }}
{{Docs-req|1=[[Premium Payment]] }}
{{Attention|'''[[NFIP Effective Date Calculation]]''' rules apply to coverage increases that can alter the requested effective date.}}
}}
{{collapsible-details
|number = 25
|title = Coverage Combinations
|content =
Use the table below to identify when coverage can be combined. <br>
In general, increases and decreases are typically done in separate transactions with separate payments, but they can be combined.
* '''Coverage Increase + Deductible Increase''': The deductible increase can coincide with the coverage increase, or it can be done separately
* '''Coverage Increase + Deductible Decrease''': The deductible decrease can coincide with the coverage increase (same rules apply)
* '''Coverage Decrease + Deductible Increase''': The deductible increase can coincide with a mid-term coverage decrease (no waiting period), or it can be done separately. Deductible increases cannot be backdated.
* '''Coverage Decrease + Deductible Decrease''': These must be done separately, as the rules are too restrictive to combine.
|text = A coverage decrease can only happen due to over-insurance, which is effective in the middle of the term (physical change) or at the inception (error). ''So today or a '''previous date'''.'' <br>A deductible decrease requires a 30-day wait, unless an exception is applied. ''So today or '''future date'''.''
}}
}}
}}
<big>'''Update Insured Name'''</big><br>
The policyholder’s name has been updated due to legal reasons (e.g., marriage, divorce).<br>
{{Docs-req|1=a signed request from the insured or legal document showing change to insured name}}
----
<big>'''Correct Insured Name'''</big><br>
The insurable interest does not change, but the policyholder’s name is incorrect.<br>
{{Docs-req|The agent must state that the name was incorrect on the application and there is no change to insurable interest}}
----
<div style="margin-top:10px;">'''Once all details are entered, click the "Save" button (move to Step 3 below).'''</div>
<div style="margin-top:10px;">'''Once all details are entered, click the "Save" button (move to Step 3 below).'''</div>
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|file = Img-proc-change-insured-eff-date.png
|file = Img-proc-change-insured-eff-date.png
|size = 700px
|size = 700px
|caption = Choose "None" for the Waiting Period and select the appropriate Policy Change Effective Date.
|caption = Choose the Waiting Period and select the appropriate Policy Change Effective Date.
}}
}}
Scroll to the top of the page to enter the effective date.
Scroll to the top of the page to enter the effective date.
* Enter the appropriate date (see table below).
* Choose the [[Waiting Periods|Waiting Period]] based on the scenarios identified in Section 2.
* Backdating to the inception date is allowed for corrections.
* Calculate and enter the appropriate date.
* Choose "None" for the [[Waiting Periods|Waiting Period]].
'''''The Coverage Change cannot be completed without choosing an effective date.'''''
'''''The Policy Change cannot be completed without choosing an effective date.'''''
<table class="wikitable">
<tr><th>Change Type</th><th>Effective Date Rule</th></tr>
<tr><td>Update Contact Details</td><td>Date of the request</td></tr>
<tr><td>Add Insured Name</td><td>Date of the request</td></tr>
<tr><td>Update Insured Name</td><td>Date of Request or Event</td></tr>
This procedure explains how agents can submit requests to change coverage amounts on an NFIP policy. Coverage changes include increases or decreases to building and contents coverage, as well as deductible changes. Supporting documentation may be required depending on the type of change.
Procedural Steps
1. Access Policy Record
Use the "Policy Changes" menu along the right side of the page.
If due to error, the decrease is effective at inception. If due to damage or removal, it is effective the day after the event date. [5] If due to duplicate RCBAP building coverage, it is effective the date the RCBAP coverage started. [6]
Deductible Increase
When coverage is increased from zero, any deductible may be chosen; however, deductible decreases have a 30-day waiting period.
Use the table below to identify when coverage can be combined.
In general, increases and decreases are typically done in separate transactions with separate payments, but they can be combined.
Coverage Increase
Coverage Decrease
Deductible Increase
30-day Wait + No Wait Separate or Combined
No Wait (both) Separate or Combined Cannot backdate deductibles
Deductible Decrease
30-day Wait (both) Combined
No Wait + 30-day Wait Separate Only
Coverage Increase + Deductible Increase: The deductible increase can coincide with the coverage increase, or it can be done separately
Coverage Increase + Deductible Decrease: The deductible decrease can coincide with the coverage increase (same rules apply)
Coverage Decrease + Deductible Increase: The deductible increase can coincide with a mid-term coverage decrease (no waiting period), or it can be done separately. Deductible increases cannot be backdated.
Coverage Decrease + Deductible Decrease: These must be done separately, as the rules are too restrictive to combine.
Example: Coverage Decrease & Deductible Decrease
A coverage decrease can only happen due to over-insurance, which is effective in the middle of the term (physical change) or at the inception (error). So today or a previous date. A deductible decrease requires a 30-day wait, unless an exception is applied. So today or future date.
Once all details are entered, click the "Save" button (move to Step 3 below).
3. Choose Effective Date
Scroll to the top of the page to enter the effective date.
Choose the Waiting Period based on the scenarios identified in Section 2.
Calculate and enter the appropriate date.
The Coverage Change cannot be completed without choosing an effective date.
4. Review and Submit
Review the changes for accuracy and completeness before finalizing.
Once the effective date is entered, the pro-rated premium amount will be displayed.
The "Abort" button will exit the process without saving any details.
The "Submit" button will create the policy change form and mark the policy with "Pending Change" and "Pending Payment" flags.
The system will not process the change immediately.
The Policy Record will show Pending Payment and Pending Change flags.
The policy in the Agency Workspace will show Pending Payment and Pending Change flags.
The agent can submit a payment on the Billing and Payment page.
