Primary Residence

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Policy Guide

Standard Flood Insurance Policy

Applications

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Waiting Periods : Occupancy Foundations : Discounts

New Business

Elevation Certificates
Primary Residence
BRCV : Venting : Condos

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Changes

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Mortgagee : Insured
Transfer of Ownership
Coverage Limits

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Request Forms : Signatures
Reasons : Documents

Summary

• A primary residence is a building in which the policyholder or their spouse resides for:
  • More than 50% of the 365 days following the policy's effective date.
  • 50% or less of the year if it is the policyholder's only residence and is not leased or used as rental property.

Special Circumstances for Primary Residence Qualification

1. Military Deployment:
   • Active-duty personnel deployed for 50% or more of the policy year still qualify.
2. Disaster Displacement:
   • Individuals displaced due to a federally declared disaster or another loss event on the property maintain primary residence status.
3. Extended Absences:
   • Routine business travel, hospitalizations, or vacations of 50% or more of the policy year do not disqualify the property.

Documentation Requirements

• If the mailing address matches the property address:
  • No additional documentation is required.
• If the addresses differ:
  • Supporting documentation is required, such as:
    • Homestead Tax Credit form.
    • Vehicle registration.
    • Proof of insurance for a vehicle.
    • Documents showing school enrollment for children.
    • A signed and dated primary residence verification statement.

Primary Residence and Trusts

• If the policyholder is a trust, and the beneficiary resides in the home as a primary residence:
  • The beneficiary must provide primary residence documentation.
  • The insurer must verify that the beneficiary is named in the trust.

Impact on HFIAA Surcharge

• Primary Residence:
  • Policyholders classified as having a primary residence are charged a reduced HFIAA surcharge of $25 per policy term.
• Non-Primary Residence:
  • Non-primary residences incur a significantly higher HFIAA surcharge of $250 per policy term.

Properly classifying a property as a primary residence minimizes costs for policyholders and ensures compliance with NFIP requirements.