More Flood Myths

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Myth:  Doesn't matter when a house was built!
Sure does! It is the MOST IMPORTANT question on a flood application.  We have seen that it is the number one reason why buildings are rated incorrectly.

Myth:  Mortgage companies are responsible for making sure that renewals are paid when policies are escrowed.
Not so, You are, even though you escrow. If you get a late notice or cancellation notice and your mortgage is the payor, CALL them immediately.  Forced Placed Flood Insurance outside of the National Flood Insurance Program is VERY expensive and the mortgage is required to purchase it if there is no Flood Insurance in place and flood insurance is mandatory.

Myth:  Incorrect premiums on flood insurance cannot be changed!
Such things as the wrong zone or construction info can change the premiums.  The current Flood company can go back the current year and the prior year to correct premiums in your favor. Up to 4 more years is allowable by your flood company notifiying National Flood.  It does take a quite of bit of time to get the changes made and a refund back.