KEEPING YOU INFORMED
FIRM would like you to be aware of two problems we've recently identified with the National Flood Insurance Program (NFIP).
PROBLEM 1. You may receive a letter from your insurance company asking you to provide documentation that your policy is for your primary residence. You will be asked to provide one of the following:
You will only have 30 days from the date on the letter to provide this documentation. As you will have no control over when the letter was printed or mailed, or how long it took to reach you, or if it was delivered while you were out of town, for instance, this could be an extremely tight deadline. Further, the envelope in which the letter arrives may not appear to be an "official" correspondence that requires your immediate attention.
Be on the lookout for any letter from an insurance company, open and respond right away. If you miss the 30-day deadline, call your insurance company to inform them, and then supply the documentation. If your flood policy does in fact cover your primary residence, failure to provide this documentation could result in an increase in your premium of over 25%.
PROBLEM 2. If you receive a renewal and your premium goes up, do a little math. If your premium has increased more than 15% on your primary residence, or if your premium has increased more than 25% on your second home or business, please:
Thank you for your support.
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