FHA announced on Monday that they will start accepting private flood insurance starting December 21st, 2022. The long awaited rule from FHA will allow the many individuals that qualify for FHA mortgages to now purchase private flood insurance, as well as continue to purchase NFIP insurance, to cover mortgages purchased in the Special Flood Hazard Area (SFHA).
How does this affect you, our agents? If you have clients with an FHA mortgage, send over the request and JFIB can look for private flood options.
The new rule, found in the link below, does require JFIB to update our Upstream private flood compliance language. JFIB will be updating our policy forms in time for December 21st, 2022.