March 14th, 2010 | 
Author: whom we have our homeowners, auto, & windinsurance through. We closed on June 29th, moved into our home. Now today we received a letter from state farm stating that we regret to inform that we cannot issue the policy as requested. WE have not received minimum premium as required by the national Flood Insurance program..what does this mean?? What do we do? I live 16 miles from the Gulf Of Mexico, near Galveston, TX.
It means that your mortgage company never paid your flood Insurance for the full year when they received escrow from you. You need to call your mortgage company and tell them to pay asap or you’ll get cancelled. You have at least 20 days from the date of that letter to actually pay it.
Posted in Flood Insurance
It means that your mortgage company never paid your flood insurance for the full year when they received escrow from you. You need to call your mortgage company and tell them to pay asap or you’ll get cancelled. You have at least 20 days from the date of that letter to actually pay it.
References :
Agent
Cool! I’m in Houston, have a house in Galveston. So I feel your pain.
Assuming you wrote a check for the flood insurance – it probably wasn’t enough. So you can either get the original check back and give them a new check for the full amount, or you can give them an additional check to make up the difference.
Just call your agent. It shouldn’t be a problem, you just need to pay more.
Just for the record . . . flood insurance MUST be paid in full. There are NO PAYMENT PLANS acceptable for it. So if someone at your agent’s office took a "down payment", well, they goofed. They should have called to apologize. This late in the game, it won’t go into effect until 30 days AFTER the full payment is received. But send it in tomorrow.
References :
agent, 21+ years