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Can I cancel a Private Market Flood Insurance policy and go back to NFIP?

It is actually much easier to cancel a Private Market Flood Insurance (PMF) policy than an National Flood Insurance Program (NFIP) policy. There are a lot of restrictions to cancel a NFIP policy mid-term. Your PMF policy has a 25% minimum earned clause. It basically means that they keep 25% of the premium if you cancel mid-term. So, you cannot cancel until after 3 months and expect a return premium. After 3 months, you can cancel for a pro-rata return premium. They do keep any fees associated with writing the policy, but you do get a pro-rated return of the premium.

Give us a call at: (508) 997-3321 or visit our website at: https://coastalinsurancema.com/get-a-quote-flood-insurance/

 

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