When you think you’ve got your life figured out, life throws a curveball. For whatever reason, you need to move to another home in another city or state. Other insurance policies can move with you, but will flood insurance do the same? The team at Heydari Financial Group refers to this action as "portability," and the answer to flood insurance portability is surprising.

Does Flood Insurance Move With You When You Relocate?

No. Insurance companies craft a flood insurance policy to fit the home you currently reside in. The location, flood risk, and flood history are unique to that home. Your new home is in a different city or state, and it may or may not have the same level of risk as your now-former home. It needs a separate assessment to determine cost and coverage. Therefore, you need to open a separate flood insurance policy for your new home.

What Happens to Your Current Flood Insurance Policy?

The answer depends on the type of flood insurance. By default, insurance companies write flood insurance for the current home. For flood insurance through the National Flood Insurance Program, you can transfer your flood insurance policy to the new homeowner. That’s called "policy assumption" or "policy assigning." A flood insurance policy you no longer need is also a fantastic incentive to sell your home in Houston, TX.

We fall under private flood insurance, whose policies are not transferable or portable. Still, we extend service to nine other states, and maybe there’s something we can do if you are moving to one of those areas. Speak with an agent at Heydari Financial Group to learn your options for the existing policy.

Flood insurance suits one home at a time, and no two homes are alike. Let us see if we can find flood insurance carriers in your new area. We will tailor the insurance to fit your new home’s unique needs. We’ll also provide alternative solutions if coverage is not within our service states. Contact our Houston, TX, office for more information on flood insurance.