Skip to content
BOL Conferences
Thread Options
#2190582 - 08/24/18 07:39 PM Effective Date of a Map Change Flood Policy
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 227
Southern US
Does the effective date of the flood insurance policy have to be dated within the 45 day window of the "your property is now in a flood zone" letter? The standard letter states that borrower must show proof they purchased adequate coverage within 45 days but does not given the indication that the effective date has to be within those 45 days. Borrower of course has contacted us on the 45th day to say that he purchased insurance today but what if effective date is not today?
_________________________
"Success is going from failure to failure without a loss of enthusiasm." - Sir Winston Churchill

Return to Top
Flood Compliance
#2190597 - 08/24/18 08:00 PM Re: Effective Date of a Map Change Flood Policy Antilles
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Then you force place for the period of time until it becomes effective. It is most likely going to have a 30 day delay, since it was not purchased because of a current loan.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2190601 - 08/24/18 08:13 PM Re: Effective Date of a Map Change Flood Policy Antilles
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Then again, if they have just been remapped, there should only be a one day delay. I misread the original post.

Flood insurance initially purchased during the 13-month period beginning on the effective date of a map revision shall be effective 12:01 a.m., local time, the day after the date of application and the presentment of premium.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2199656 - 12/03/18 05:19 PM Re: Effective Date of a Map Change Flood Policy Antilles
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
We often don't learn from our flood vendor of a map change immediately. Would the 45-days begin from the date of our 45-day notice? As opposed to the date of the map change? And, to be fair to the borrower, would we force-place the policy on the 46th day - as opposed to making the effective date the date of the map change itself?

Return to Top
#2199659 - 12/03/18 05:33 PM Re: Effective Date of a Map Change Flood Policy Antilles
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Yes to both.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2199660 - 12/03/18 05:34 PM Re: Effective Date of a Map Change Flood Policy Antilles
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,403
California
Thank you!

Return to Top