NFIP Policy Assignment
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This page is a placeholder. More information will be added soon. |
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This page contains details about NFIP Policy Changes. |
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 daysbeyond 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