This is just an update to our 6/30/2014 blog entitled What is the status of your Flood Insurance Refund? This is the latest information from FEMA.
By FEMA regulations, refunds on qualifying flood policies must be made to policyholders no later than Dec 31, 2014. Most companies will start this process the first part of October.
All Refund checks will be made payable to the insured and mailed directly to the insured regardless if payment was made by the lenders' escrow account.
Only refunds more than $1.00 will be sent by law.
A refund will be sent with a cover letter and a revised declarations page showing the old & new premium.
Lenders, if any, will also receive revised declarations page to adjust escrow accounts accordingly.