moodyinstl
New Member
- 5
My husband and I are refinancing and found out on Thursday that our property, which was originally in an X zone, was re-zoned to an AE flood area. That means our premium, if we take a new policy, will double or quadruple depending on the policy parameters we choose. Being an insurance agent myself (Life, not P&C), I began going through our options and found that we qualify for the grandfather clause because we haven't changed anything structurally to our home and have had continuous flood coverage. After getting the information together, I turned it over to our current agent and told him what to do. He called me back Friday and to tell me that the GF clause doesn't apply to us. According to Fidelity National, the FIRM was put into effect in Aug/2000 and our policy has an effective date of Oct/2000, therefore we don't qualify, although our building is pre-FIRM. I then contacted a P&C agent who actually does flood insurance (our agent stopped doing it years ago) and she said she'd never heard of that restriction and that none of her data from FEMA/NIFP has anything like that documented in it. I pulled up the most recent information I could find on the web for the GF clause and couldn't find anything about it, either. Has anyone heard of this restriction and if so, where can I view it online or can you send a copy of the document that states it to me? Also, how did we get the Zone X premium in the first place? In Life Insurance the only way to do that would be to back-date the policy and if that happened in our case, our policy would have an effective date of Aug/2000 or prior, which would make all of this moot. Any help would be greatly appreciated!