NFIP Policy Assignment: Difference between revisions

Revision as of 10:34, 6 December 2024

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

This page contains details about NFIP Policy Changes.
Find more NFIP information in the How To Endorse section of the Flood Insurance Manual.

The owner of an insured building may assign their flood insurance policy with building coverage to a new owner.

Contents only policies may not be assigned

Buildings under the course of construction cannot be assigned

The assignment change endorsement form must be signed by the seller on or befor the closing date
The new owner has up to 30 days beyond the closing date to submit the change endorsement form to the insurer for processing
If the previous owner received a Pre-FIRM discount and used the building as a primary residence but it is not a primary residence for the new owner, the new owner may receive the same discounted premium as the previous owner. However, the annual increase cap (which is a component of the discounted premium) is based on the information provided by the new owner. The discounted premium does not include assessments, fees, or surcharges
Primary Residence status must be validated at the time of assignment. If the new owner does not qualify for the primary discount, a prorata premium will be required at the time of the change

@@ Line 9: / Line 9: @@
 * The assignment change endorsement form must be signed by the seller on or befor the closing date
-* The new owner has up to 30 daysbeyond the closing date to submit the change endorsement form to the insurer for processing
+* The new owner has up to 30 days beyond the closing date to submit the change endorsement form to the insurer for processing
-* Primary Residence status must be validated at the time of assignment.  If the new owner does not qualify for the primary discount, a prorata premium will be required at the time of the change
 * If the previous owner received a Pre-FIRM discount and used the building as a primary residence but it is not a primary residence for the new owner, the new owner may receive the same discounted premium as the previous owner. However, the annual increase cap (which is a component of the discounted premium) is based on the information provided by the new owner. The discounted premium does not include assessments, fees, or surcharges
 * Primary Residence status must be validated at the time of assignment.  If the new owner does not qualify for the primary discount, a prorata premium will be required at the time of the change