Hot off the Press: November 2015 FEMA Flood Manual Now Available--Clarifications Included!

Volume 9 Issue 39

November 16, 2015


Clarifications from FEMA arrive with 
new November 2015 Flood Manual

is out and there are a few big changes/clarifications to consider: 

Primary Residence Determination
(General Rules Page GR 6-7)
New clarifications to help identify those eligible for the $25 HFIAA surcharge:
  1. Residences leased to another party or used as rental income property at any time during the policy term will not qualify for $25 surcharge, even if the insured occupies the building more than 50% of the year.
  2. For policyholders with more than 1 residence that could qualify for primary residence, only 1 NFIP Policy will be eligible for the $25 surcharge, the other will have the $250 surcharge.
  3. Policyholders displaced temporarily for 50% or more of the policy year may still qualify for the $25 surcharge if absence is due to:
    • Active-duty Military personnel deployed with military orders
    • A federally declared disaster or any insured loss event
    • Absent due to routine business travel, hospitalization, and/or vacation
Changing Deductibles

A document of acceptance from the lender is now required for the deductible to be increased above the standard deductible, even at renewal.  However, the lender's acceptance of a higher deductible is not needed for New Business.

Cancellation Receipt Date 
Be aware that the cancellation effective dates on several cancellation types have changed to the date the cancellation and the complete supporting documentation was received by the WYO company.  The recent Flood Manual clarifies that both the complete documentation as well as the cancellation request will be required to identify the effective date.  Completing the cancellation online and uploading all the supporting documents is the most reliable way to determine the date of cancellation.  
More info about Nov. 1 NFIP cancellation changes is provided on this summary with full details in the NFIP Flood Manual (Nov. 2015)
For more info, please call Customer Service at 866-373-5663 or access Live Support online.

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