The Federal Emergency Management Agency (FEMA) recently announced that it will no longer allow insurance agents to offer rebates on amounts paid for flood insurance in Florida. In a memorandum dated April 4, 2012, the Federal Government will end the practice of providing associations with rebates on flood insurance premiums, effective October 1, 2012.
The Federal Government has instructed Write Your Own (WYO) flood carriers to stop allowing agents to rebate any portion of their commission. This prohibits the rebating of commissions on all new or renewal NFIP policies. The Federal Insurance and Mitigation Administration concluded that the goals of the National Flood Insurance program are better served by a system of uniform national pricing that will ensure that policyholders pay the same price for the same risk.
One beachfront condominium association recently told me that its flood insurance rebate last year was a little over $2,000. Many Florida communities currently receive these rebates so this is not welcome news from FEMA.
What kind of rebate did your community receive last year on your flood insurance policy?
Click here to view the FEMA letter: http://canfl.com/Documents/Connor_Memo_to_WYO.pdf
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