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Sunday, 11 December 2016

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NFIP Rating and the Community Rating System

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Know Your Line: Be Flood Aware

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Upcoming Changes to the NFIP – Recent Flood Insurance Legislation will Affect Subsidized Rates for Pre-FIRM Buildings

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States and Communities Work to Coordinate Building Codes and Floodplain Management Ordinances

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FloodSmart Websites Offer New Resources for FloodSmart Partners and Agents

9/13/2012)


Disputing Flood Zones

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Paying NFIP Premiums by Credit Card


Did you know that NFIP policyholders can pay their annual flood insurance premium with a credit card?

Paying the full amount of their annual flood insurance premium up front can be challenging for some consumers. However, the NFIP Servicing Agent and most of the Write Your Own (WYO) insurance companies selling NFIP policies offer insurance agents the option of processing their customers' credit card payments using the Internet. Although the full premium charge is made to the credit card at the time coverage is purchased or renewed, policyholders then can choose to spread payments to the credit card company over several monthly installments.

Let the policyholders in your community know about the increased convenience of paying their NFIP premiums by using VISA, American Express, MasterCard, Diners Club, or Discover credit cards.


Credit Card Payments to a WYO Company

If NFIP coverage is placed through a WYO company, the agent may contact the company for instructions about how to offer the credit card option. Procedures for accepting this form of payment may vary slightly between WYO companies, but usually just involve collecting the basic information (the cardholder's name as well as the card number, expiration date, and security code) needed for credit card reimbursement. The policyholder must authorize credit card payment before the charge can be made.

Renewals made through a WYO company also may be paid for by credit card. The WYO company carrying the coverage will provide its agents with information about how to process credit card payments for renewals.


Credit Card Payments to the NFIP Servicing Agent

Many insurance agents who place coverage through the NFIP Servicing Agent can process their clients' credit card payments online. Details about how to do this are available by sending an email to the NFIP Servicing Agent (agencyservices@covansys.com). Those agents unable to process credit card payments using the Internet can submit a signed Credit Card Payment Form to the NFIP Servicing Agent when they send the property owner's application for insurance or endorsement application to the NFIP Servicing Agent. This form is available in the Forms Library on the NFIP Servicing Agent's website. Applications and endorsements received with a Credit Card Payment Form are processed as usual, though the payment is charged to the indicated credit card.


Facilitating Premium Payment

The credit card payment option can reduce financial barriers to flood insurance purchase for many property owners. And for some consumers, the deciding factor in whether or not to purchase coverage in a moderate-risk flood zone, where it is prudent but not required, may be what the credit card payment option offers: convenience. For more information about credit card payment, see pages APP 6, REN 2, and MAP 4 in the Flood Insurance Manual.

Check out FloodSmart.gov! | Last Updated: 10/14/15
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