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Assume Flood Insurance

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Anonymous
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Assume Flood Insurance

has anyone assumed a flood insurance policy from a seller? If so, what was required to do so?  Just got my first list of requirements from the underwriter and of course one of them is homeowner and flood insurance quotes. 

Message 1 of 7
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Lemmus
Established Contributor

Re: Assume Flood Insurance


@Anonymous wrote:

has anyone assumed a flood insurance policy from a seller? If so, what was required to do so?  Just got my first list of requirements from the underwriter and of course one of them is homeowner and flood insurance quotes. 


...afaik you can't "assume" an insurance policy

 

...first thing to do is check the FEMA flood hazard maps for your home's location ...these are constantly updated and what may have been a flood hazard zone 6 mts ago may not be now

 

...if its still required in your case, check your current insurance provider for both coverages since you may be eligible for multi-policy discounts ...but then definitely rate shop just like you would for auto insurance ...your lender may also have a list of insurers available but be aware that usually means marketing kick-backs ...hth


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Message 2 of 7
Anonymous
Not applicable

Re: Assume Flood Insurance

I've talked with insurance agents. Flood insurance is backed by the federal government and as of last year things were changed to allow the assumption of the policies.   I'm just trying to get more info so I can be as proactive as possible!  I'll talk with my insurance agent again.  Thanks for the input!

Message 3 of 7
Lemmus
Established Contributor

Re: Assume Flood Insurance


@Anonymous wrote:

I've talked with insurance agents. Flood insurance is backed by the federal government and as of last year things were changed to allow the assumption of the policies.   I'm just trying to get more info so I can be as proactive as possible!  I'll talk with my insurance agent again.  Thanks for the input!


...now THATs interesting ...thanks for the info


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Message 4 of 7
Anonymous
Not applicable

Re: Assume Flood Insurance

It shocked me when I was told too! Lol

Message 5 of 7
Lemmus
Established Contributor

Re: Assume Flood Insurance

...ah yes ...note that only applies to homes located in a zone that does not have an updated FIRM (the FIRM was updated here as of 1 April) ...thats a very narrow exception but if it works in your favor, great!


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Message 6 of 7
Anonymous
Not applicable

Re: Assume Flood Insurance

Hi there! For getting flood insurance you may talk to your insurance agent about the flood insurance policy. I think there is different insurance policy for flood insurance and does not include in home insurance policy. Contacting an insurance agent will guide you with all legal details about the flood insurance. After registering for flood insurance, if by any change a damage occurs, then you may also claim for the insurance with the help of a public adjuster. Get (link removed by mod) by visiting online.

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