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Started By
Message
Is Flood Insurance with State Farm transferable?
Posted on 6/28/15 at 9:36 pm
Posted on 6/28/15 at 9:36 pm
My wife and I are selling our house in Denham Springs. A few years ago we were required to get flood insurance. We have it and our home owners insurance with State Farm, which I believe transferred the policy to the National Flood Insurance Program. It costs $400 annually and was easy to get.
On the offer on our home, it is required that we transfer the flood insurance to the buyers. Does
State Farm or the NFIP do that? Is flood insurance even difficult to get in a place like Denham Springs?
On the offer on our home, it is required that we transfer the flood insurance to the buyers. Does
State Farm or the NFIP do that? Is flood insurance even difficult to get in a place like Denham Springs?
11
Posted on 6/28/15 at 9:38 pm to lsulaker
Call & ask Jake with State Farm.
& report back. We are curious.
& report back. We are curious.
This post was edited on 6/28/15 at 9:42 pm
Posted on 6/28/15 at 9:42 pm to Bullfrog
I personally prefer Flo with progressive
Posted on 6/28/15 at 9:43 pm to fed1811
Jake's khakis can't hold a candle to Flo Ho's tight white slacks. 
Posted on 6/28/15 at 9:44 pm to lsulaker
I know nothing about how flood insurance works, but the idea of transferring a policy to another party sounds strange as hell to me....
Posted on 6/28/15 at 9:45 pm to lsulaker
All I know is it doesn't actually involve State Farm, but they could probly answer your questions . Sorry for not knowing shite
Posted on 6/28/15 at 9:51 pm to lsulaker
Not sure, but I think the reason they want a transfer on the flood insurance , because I think there is a waiting period when you buy a new policy, and being we are in hurricane season combined with El Niño flooding rain, I am guessing the lenders want a policy in place immediately and not one with a waiting period. If so I am sure this is a regular occurrence nd should not be a problem
Bay the way, I m making this shite up s I go so don't count on ny of it actually being true
Bay the way, I m making this shite up s I go so don't count on ny of it actually being true
Posted on 6/28/15 at 9:52 pm to INFIDEL
I bought my house a few months ago. Had the flood insurance transferred into my name from the seller
State form had the policy
Otherwise it was going to cost me more money
I'm in central
State form had the policy
Otherwise it was going to cost me more money
I'm in central
This post was edited on 6/28/15 at 9:52 pm
Posted on 6/28/15 at 9:52 pm to lsulaker
LINK
quote:
WASHINGTON -- In what likely will be a boost to home sales, the Federal Emergency Management Agency has repealed a provision of the 2012 Biggert-Waters law that made it impossible for new home or business buyers to assume the property's existing flood insurance policy.
Posted on 6/28/15 at 9:56 pm to lsulaker
state farm can answer that, you do know they don't actually insure it? they write the policy and will handle everything but its actually insured through the federal government.
Posted on 6/28/15 at 10:00 pm to lsulaker
Post this on the recruiting board and the poster JakeFromStateFarm can help you out.
Posted on 6/28/15 at 10:04 pm to lsulaker
Most of the time flood is transferable to the buyer's name. They ask for it to be grandfathered into your lower rate. This happens when an old flood rating was assigned to the policy and an updated flood map would make it a pricier policy (such as a B policy which is now an AE zone). Getting a new policy often has extra costs of needing to pay for a flood elevation certificate if none exists.
Just a lot more predictable and cheaper to assume the current policy.
ETA: As some said, just contact your agent and they will send over the paperwork.
Just a lot more predictable and cheaper to assume the current policy.
ETA: As some said, just contact your agent and they will send over the paperwork.
This post was edited on 6/28/15 at 10:05 pm
Posted on 6/28/15 at 10:08 pm to lsulaker
NFIP
Posted on 6/28/15 at 10:27 pm to nolatiger711
Thanks everyone! I'm going to call my agent tomorrow to confirm, but our real estate agent brought it up 3 times as if it so important or hard to do.
Posted on 6/28/15 at 10:38 pm to lsulaker
SF doesn't write flood nor do they participate in the WYO program through the NFIP. It is all NFIP. They (NFIP) have standard rates for the risk and the policy will be rewritten for the new owners by NFIP at the same rate (Unless NFIP raises them for the renewal)
Posted on 6/28/15 at 11:11 pm to ShermanTxTiger
Yes we do, now you may have come across an agent that refuses to deal with it so they say they don't write it, but we most definitely handle it. All through the NFIP.
Posted on 6/29/15 at 12:16 am to hawgndodge
As a realtor, your realtor is stressing it because it is just something that makes the financing side go more easily. Less work for the lender, buyer, and agent. Not much work for you to call your agent. Like I said, it cuts out having to find someone to write a new policy and schedule and pay for an elevation survey.
Posted on 6/29/15 at 6:17 am to lsulaker
When we sold our home 4 years ago we transferred our Flood insurance (State Farm). Saved the new buyer several thousand $$ over new policy.
Posted on 6/29/15 at 7:12 am to unclejhim
FYI
I got my State Farm renewal 2 weeks ago.
Homeowners Policy increased 14.1%
Flood Insurance increased by 27.2%
In St. Charles Parish
Anyone else Homeowners increased that much?
I think it is time to start shopping for a new insurance supplier!
I will hang and listen.
I got my State Farm renewal 2 weeks ago.
Homeowners Policy increased 14.1%
Flood Insurance increased by 27.2%
In St. Charles Parish
Anyone else Homeowners increased that much?
I think it is time to start shopping for a new insurance supplier!
I will hang and listen.
Posted on 6/29/15 at 7:43 am to lsulaker
Yes, I am in the process of transferring a policy now.
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