If you are new to flood insurance, you will quickly find out there are a lot of intricate requirements that come into play. And that’s just on the compliance side. There are also safety and soundness considerations as well as the actual insurance side of things. While you don’t necessarily have to be experts when it comes to the ins and outs of the insurance industry, you do need to know enough to understand when something isn’t quite right or doesn’t make sense. We hear stories all the time where the financial institution tells a borrower they need flood insurance, and the insurance agent tells them they don’t. Taking the agent’s word for it without verifying whether you are still within your compliance requirements could get you in trouble.
If flood insurance is obtained through the National Flood Insurance Program (NFIP) there are several different types of policies that you may encounter. These include a General Property Policy, Dwelling Policy and Residential Condominium Association Policy (RCBAP).
Jerod explains more in the video.
Published
2024/04/29
