You can switch your flood insurance policy to another by letting your flood insurance provider know the policy you want to switch to before your current policy expires. This way, they will let you know whether you qualify for the policy and the terms and conditions of the policy. If you qualify, you will be able to switch plans at the end of term without any hitch. However, if you do not inform your flood insurance provider in good time, switching policies may be more difficult. It is recommended that you seek advice from your insurance agent before switching policies.
Suppose you find a better deal with another flood insurance provider in your area that is authorized by the National Flood Insurance Program, and you want to replace your flood insurance. In that case, it is advisable that you first conclude the process of applying for the new flood insurance deal. When you have concluded the process and you have received notification that you have been accepted, you will need to make your first payment. After this, you can cancel your old flood insurance policy.
Consider that there is a possibility that a flood insurance provider may reject your application. Hence, ensure you have concluded the whole process of purchasing the new deal before canceling your current policy so you don’t end up not having any flood insurance; thereby losing on both sides and having no coverage in the event of a flood.
Yes you can switch your flood insurance to another company if you get a better deal, but you may lose the premium you have already paid to your current flood insurance company. Also note that you cannot transfer your flood insurance policy to another company. You will have to purchase a new flood insurance policy from the new company.
When you change your flood insurance company, your contract will end with the company, meaning you will no longer enjoy flood insurance coverage from that company. You may also have to wait for 30 days before your new policy becomes active. So if a flood occurs within those 30 days, you will not be covered. This is why it is advisable to only change your flood insurance company while your current policy is still active, so you won’t have to be without flood insurance coverage.
Yes, if you have purchased a new flood insurance policy you may change flood insurance companies. However, be sure to check the terms and conditions of your current flood insurance policy before doing this. In addition, consult your insurance agent to seek their opinion before changing flood insurance companies.