How to Obtain Flood Insurance
When you refinance or purchase a home the lender will require that you obtain a flood insurance coverage. The coverage must be preserved under federal regulations, for the life of the loan. You’ll be informed of this requirement, and you should have insurance in place prior to the loan documents are signed. Flood insurance requirements might hold up the mortgage process, so it’s important to obtain coverage quickly while ensuring that the policy will fit your requirements.
Shop various suppliers of flood insurance, including personal policies as well as those that offer National Flood Insurance Program policy. Before settling on an insurer, the NFIP is the cheapest option, but seek quotes. You would like to receive the premium that is best available.
Provide your broker with information to fill out the application for flood insurance. The broker will need information about your home and its location for and your deductible. Check to get information about allowable coverage amounts and deductibles with your mortgage company.
Pay the coverage premium to the insurance company. The premium is based on the information in your application, and is usually due on an annual basis.
Provide the lender. This proof could be in the form of a copy of the policy itself, either a binder or an insurance declarations page, some of which can be obtained from the insurance agent.