Cover photo depicting a man and woman completing a form with the help of their insurance agent

Your flood insurance agent can help you make changes to, pay for or renew your flood policy. If your lender requires you to have flood insurance, contact them directly to ask questions about renewing or changing your policy. Your payments could be included in financial transactions associated with your mortgage.

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Every year your policy renews, you will receive a copy of the Flood Insurance Claims Handbook, Summary of Coverage and a loss history for your property. Also, approximately two months after it renews, you will receive a letter from FEMA explaining your flood risk and why and how it may impact the amount you pay for flood insurance.

How do I pay for or renew my flood insurance policy?

Paying for a New Policy

If this is your initial purchase of flood insurance, payment must be made to your agent before the application to request coverage can be submitted to the insurer. For details, talk to your insurance agent, lender, settlement attorney or title agency.

Some policyholders pay for flood insurance through an escrow account. If you live in a high-risk flood area and have a mortgage, this might be your situation. Discuss this with your lender.

Renewing a Policy

Your flood insurance policy does not renew automatically, so it is important to ensure your policy does not lapse. Your insurance company will send you a notice when it's time to renew. FEMA may also mail a reminder letter before your policy expires.

If you have received a renewal invoice from your insurer, and flood insurance is not required by your lender, you can pay your insurance premium using whatever methods of payment the insurer accepts. Generally, this can be a credit card, check or money order.

If you have received a renewal invoice and flood insurance is required by your lender as a condition for your loan, your premium may be paid through an escrow account established by your mortgage lender, at your lender's discretion. However, if you have an escrow account that collects and pays for other types of insurance or taxes, the lender is required to also escrow flood insurance premium payments. Again, contact your lender for more information.

Keep in mind that allowing your policy to lapse can have serious consequences. For example, if you ever allow your flood insurance policy to lapse for either more than 90 days, or twice for any number of days, you may no longer be eligible for the discounted rate you may have been paying.