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re: Is Flood Insurance with State Farm transferable?
Posted on 6/28/15 at 10:04 pm to lsulaker
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 10:27 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.
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