NFIP Policy Renewal

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

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

1. 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.
2. Renewal Bill Adjustments:
   • Renewal bills cannot be regenerated once issued or after the policy expires.

Avoiding Common 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: Once a policy expires, the renewal process cannot proceed; a new application is required.

These guidelines help agents and underwriters navigate NFIP renewals efficiently while maintaining compliance and reducing errors.

This page is a rough draft and will need more work before it's finalized.

This page contains details about NFIP Policy Renewal. Find more in the How To Renew section of the NFIP Flood Insurance Manual.