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NFIP Flood Insurance Manual Updated

FEMA published the revised NFIP Flood Insurance Manual with changes that will become effective October 1, 2017. Proctor Financial would like to draw attention to the following:

Revised Refund Rules for the HFIAA Surcharge 

FEMA will allow pro-rated Homeowner Flood Insurance Affordability Act of 2014 (HFIAA) surcharge refunds for policies eligible to receive premium refunds that previously excluded the surcharge. Effective on or after October 1, 2017, for cancellation transactions, the surcharge refund will be pro-rata rather than fully earned.

Premium Payment Due

The insurer must receive the premium within 30 days after the expiration date of the policy to ensure that the policy renews without a lapse in coverage. A clarifying statement was included in the manual to confirm that if the 30th day falls on a Saturday, Sunday, or holiday, the deadline does not extend to the next business day.

The revised manual, effective October 1, 2017, can be found here: