Updated 7 months ago on . Most recent reply
Can't cancel Flood Insurance Midterm
I'm sure a lot of you know this but I didn't so I'm going to refresh everyone's mind. I have to have flood insurance for one of our rentals and it costs $628 per year. I renewed on 21 Oct and then on 22 Oct I found flood insurance from NFIP that was only $288 per year. So I signed up for the new policy and requested my original policy to be cancelled and refunded and they said "Nope, you can't cancel unless you sold the property or paid off the mortgage". So I'm stuck for another year.
My bad. Lesson learned. Hope someone else can learn from it...
Most Popular Reply
Hahaha thats a clever name that is suspiciously close to the NFIP (National Flood Insurance Program). Seems to be working!
But yes, private flood is still alive and well, and often provides higher coverage limits and shorter wait times to bind. Feel free to reach out if you ever want a second opinion on your insurance!
- Jared Townsend
