Where do I find the flood zone for a piece of property?
If the policy is mortgagee required, the mortgage company should be able to provide you with the flood zone. If coverage is not mortgagee required, the local county offices should have flood maps to locate the flood zone. You are welcome to contact Med James Inc to have a zone determination ran.
Is there a payment plan option?
No, full premium is required to issue a policy. The payment options are check (made out to American Bankers) or credit card (Visa, Mastercard, American Express and Diners Club).
Can I decrease coverage if I find out the current amount of coverage is more than what is required by the mortgagee?
Decrease in coverage can only be made at renewal. Increase in coverage can be made at any time during the policy term, 30 day waiting period applies.
I have binding authority?
No, there is no binding authority with the flood program.
Is replacement cost coverage available on contents?
No, contents coverage is written on an actual cash value basis.
Is the flood policy transferable?
Yes, if the property is sold an endorsement changing the named insured is all that is required.
Does property have to be located in a designated flood zone to be eligible for flood coverage?
No, 30% of all floods occur in a non-designated flood zone.