The National Flood Insurance Program (NFIP) began reviewing the rating information on all flood insurance policies. They will be reviewing most policies to ensure they have been under written properly.
What does this mean?
The NFIP will review your policy and will be sending you a letter. To review a sample letter click here.
The NFIP will review the policy and one of four possible outcomes can occur:
- No Change
- Non-rate impact change
- Premium Increase – this would occur at the next renewal date.
- Premium decrease – this can impact this term and up to four prior years in appropriate refunds.
The NFIP will then send you a notice, a sample notice can be found here.
We will happily review the information with any of our policy holders who have questions or concerns.
Thanks for reading. Need more information click here.
