Can flood insurance be canceled at the request of the insured with a refund of premium?
Flood insurance can be canceled, and a refund can be issued, only in certain circumstances, because all of the premium is fully earned on the first day of the policy term. Premium will be refunded on a pro-rata basis when the policyholder no longer owns or has an insurable interest in the insured property, provided no claim has been paid or is pending. There are other limited cancellation provisions for the refunding of premium. To discuss cancellation criteria and procedures, policyholders should contact the insurance agent who wrote the policy or call the NFIP toll-free at 1-888-379-9531, TTY: 1-800-427-5593.
Related Questions
- If the insured dies after paying an annual premium but before the passage of one year, will the insurance company refund the unused premium?
- Can flood insurance be cancelled at the request of the insured with a refund of premium?
- Can flood insurance be canceled at the request of the insured with a refund of premium?
