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The document is an Easy Policy Assumption™ Request Form for transferring ownership of a flood insurance policy during the sale of property. It outlines the process for the purchaser to assume the existing policy, including necessary information from both seller and buyer, underwriting review requirements, and disclaimers regarding policy rights and coverage. The form also includes sections for mortgage/title company details and a statement of primary residence status for NFIP policy rating.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Do I qualify for FEMA flood insurance?

Flood insurance is available to anyone living in one of the almost 23,000 participating NFIP communities. Homes and businesses in high-risk flood areas with mortgages from government-backed lenders are required to have flood insurance.

What is the FEMA 80% rule?

The 80% rule is a key flood insurance guideline requiring homeowners to carry coverage for at least 80% of their propertys replacement cost.

Are NFIP policies assumable?

The federal-backed National Flood Insurance Program (NFIP) has a unique system wherein you can actually get the existing flood policy from the seller of the house that youre buying. This is called a policy assumption. But sometimes policy assumptions can be denied by bank or mortgage lenders.

Can you assume a homeowners insurance policy?

Each year, more than 50 private insurance companies participate in the Write-Your-Own (WYO) program selling and servicing NFIP policies through their insurance agents. FEMA retains responsibility for underwriting flood insurance coverage sold under that program and by the NFIP Direct.

Can you assume a flood insurance policy?

Can my homeowners insurance be transferred to the new owner? No. The new homeowner must purchase their own home insurance policy. Home insurance must be in the current owners name.

fema flood policy transfer form

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Are NFIP policies transferable?

If you assume a flood policy, theres no wait. The coverage continues uninterrupted from the old policyholder to the new policyholder. You may also potentially grandfather in a better rate when you assume a policy.

How to assume a flood insurance policy?

When a new homeowner takes over a FEMA-backed flood insurance policy, its called assuming a flood policy. In order to access this plan, the homeowner must fill out paperwork and wait for NFIP approval for a period of 30 days. The forms are about 3 pages and require verification of your primary residence.

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Do I qualify for FEMA flood insurance?

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Are NFIP policies assumable?

Can you assume a homeowners insurance policy?

Can you assume a flood insurance policy?

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Are NFIP policies transferable?

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