Mortgage lenders have a great deal of information to keep up with as the National Flood Insurance Program undergoes more changes. Here is a list of videos describing the latest changes in the NFIP program. This content is reposted from this link at FEMA.GOV. Maintaining accurate flood information can be challenging for financial institutions in the mortgage lending business. Check out our FORCE-PLACED FLOOD COVERAGE. Flood Protection provides coverage for lenders when a borrower fails to procure or maintain the required flood protection. Residential and commercial properties that are owner occupied, non-owner occupied, or vacant can be covered when the required flood protection is not maintained, canceled, lapsed or is deemed insufficient and the borrower does not secure a replacement policy. Also covered, are properties in flood zones without adequate flood insurance to meet the legal minimum required to protect the property.
Check out the October NFIP video series below or click here to visit the original content.
Video by Darren Coward
This short video discusses the highlights of the NFIP program changes effective October 1st 2017 and revised refund rules for the Homeowner Flood Insurance Affordability Act surcharge.
This short video segment discusses a reduction in the Federal Policy Fee for tenants Contents-Only policies.
Additional Clarifications and Updates to the NFIP Flood Insurance Manual
This short video deals with a variety of clarifications and updates made to the NFIP Flood Insurance Manual.
Scheduled updates to the Community Rating System Eligible Communities list & Increase in coverage limit for GFIP
This short video discusses scheduled updates to the Community Rating System Eligible Communities list effective October 1, 2017 and effective October 1, 2016, an increase in the coverage limit for the Group Flood Insurance Policy to $33,300.
