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#2221075 - 09/06/19 02:24 PM WYO policy
Dodge Offline
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Joined: Mar 2010
Posts: 266
We accepted a homeowner/flood insurance combo on a mobile home located in a flood zone a couple years ago. The policy is up for renewal and I'm reviewing it for the new private flood insurance renewals. It does meet the definition of private flood insurance, so I was planning to force place. I spoke to the insurance agent and she stated that the policy is through the NFIP, but it does not have a NFIP number on it. I did find that the underwriter, American Bankers Insurance Company of Florida, is a Write Your Policy company on the NFIP website. I'm not familiar with WYO policies. What is required to support that it a WYO policy? Is there suppose to be something that stands out that states it is a WYO policy?

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Flood Compliance
#2221077 - 09/06/19 02:30 PM Re: WYO policy Dodge
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It is not a NFIP policy - but why would you not accept it? Banks have accepted these for years.
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#2221089 - 09/06/19 03:39 PM Re: WYO policy Dodge
Dodge Offline
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Joined: Mar 2010
Posts: 266
I meant to say it does NOT meet the private insurance requirements. We did accept the combo policy, but I thought it was a private insurance policy at that time. The dec page only states that flood is included, very vague on the flood insurance part. I'll just memo the file that it is a WYO policy.

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#2221092 - 09/06/19 04:06 PM Re: WYO policy Dodge
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,658
If it is a WYO policy, you don't have to worry about it meeting the definition as it isn't private flood insurance. You can always request a copy of the policy to get more clarification.
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#2221093 - 09/06/19 04:19 PM Re: WYO policy Dodge
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
It is definitely not a WYO policy. WYO is a program available under the National Flood Insurance Program (NFIP) that allows participating insurers to issue NFIP flood insurance policies, in contrast to policies issued directly by the NFIP. If this is a combined policy - it has nothing to do with the NFIP and it is a private policy.

What part of the policy does not comply with the private insurance rules?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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