Take the Guesswork Out of Writing a Flood Policy.
Your clients trust you to keep them informed about the protection they need and to have the technical knowledge necessary to accurately sell and service flood insurance.
The top two Errors and Omissions (E&O) pitfalls are not offering coverage and not offering the right amount of coverage. As an insurance agent, you have a responsibility to inform your client about all their risks and what coverage is available, including the risk of flooding. Otherwise, your client may hold you accountable for their flood loss. You may also need to evaluate coverage scenarios if your client is experiencing ongoing flooding.
Standard flood insurance policy forms
The NFIP offers three flood insurance policy forms. These forms provide policyholders with a description of their coverage and other important policy information.
Issued to homeowners, renters, and condominium unit-owners.
Typically issued to owners or lessees of non-residential buildings.
Issued to residential condominium associations on behalf of association and unit owners.
The October 2015 standard flood insurance policy forms are used on all claims reported with a date of loss prior to Oct. 1, 2021.
Resources for writing a policy
The Flood Insurance Manual outlines the general rules, eligibility, and application guidelines to write and rate a flood insurance policy.
This Specific Rating Guidelines manual provides the rules and rates for submit-for-rate risks. These are properties at high flood risk that, because of peculiarities in their exposure to flooding, do not lend themselves to pre-programmed rates noted in the Flood Insurance Manual.
Visit NFIP Services for the latest information from the program, including information about bulletins and updates to the Flood Insurance and Claims Manuals.
Agents looking to brush up on flood insurance basics, including writing a policy, are encouraged to sign up for NFIP agent training courses.