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Lenders Must Accept Private Flood Insurance Policies

Biggert Waters Flood Reform Act

The Biggert-Waters Flood Insurance Reform Act of 2012 (BW12) provides a definition for a Private Flood Policy that must be accepted by lenders securing collateral and regulated by the National Flood Insurance Program (NFIP).

Interagency Final Rule

A Final Rule for implementation of BW12 was issued by the Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency.

Mandatory Compliance

Lenders must now accept any private flood insurance policy meeting criteria set forth by BW12 and the Interagency Final Rule or face penalties. Additionally, lenders may accept non-conforming policies at their discretion.

There are over 300 policy compliance details

So We Review Every Page

A flood insurance policy from the Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) is very complicated. And a private policy must match that complexity.

Regardless of the compliance aid, we review all of it so you have the assurance of guaranteed compliance.

  • Insurance Companies in Good Standing
    The insurance carrier must be licensed, admitted or recognized by the State. Or recognized as a surplus line insurer by the State.
  • Coverage as Broad as the NFIP
    The private flood policy coverage must not contain conditions that narrow coverage compared to an NFIP policy.
  • Proper Notice Provisions Included
    Cancellation, non-renewal, availability of NFIP insurance, mortgage interest clause, and provision on filing suite must be included and conform to the NFIP.
  • Define Flood Events Correctly
    Define "flood" to include at least the same events defined as a flood by the NFIP.
  • Deductibles Conform to NFIP Provisions
    Contains deductibles no higher than the specified maximum, including non-applicability provisions, as in an NFIP policy.
  • Coverages as Specified in an NFIP Policy
    Provide coverage for direct physical loss caused by a flood event and only exclude other causes of loss that are excluded in an NFIP policy.
  • Discretionary Acceptance Considerations
    A lender may accept a private policy that does not meet the definition of private flood, if the policy provides sufficient protection and meets defined criteria.
  • Mutual Aid Societies
    A lender may accept a plan issued by a mutual aid society if that plan satisfies specific conditions.

The Massive Advantage

Our team of flood certification experts have decades of regulatory experience in insurance, lending, and government. The private flood insurance verification process analyzes coverage and deductible requirements and evaluates how the policy will respond after a flood loss.

Flood Certification Expertise

Choose Your Service

Order individual private policy certifications and get started immediately with a credit card.

Contact us for corporate accounts.

Individual Accounts
$ 49  / Policy
  • MassiveCert Guarantee
  • Compliance Certification
  • No Commitments
  • Pay As You Go
  • Multiple User Accounts
  • Low-Cost Policy Re-Certifications
  • Secure Credit Card Payments
Corporate Accounts
$ 49  / Policy
  • MassiveCert Guarantee
  • Compliance Certification
  • No Commitments
  • Pay As You Go
  • Multiple User Accounts
  • Low-Cost Re-Certifications
  • Monthly Invoicing
Private Flood Clearinghouse Seal

The Massive Guarantee

MassiveCert stands behind Private Flood Clearinghouse services and will pay any and all regulatory fines associated with MassiveCert policy review errors.

Contact us

Have questions?

Need support?

Corporate accounts?

Just want to talk "flood"?

844-4EZ-CERT (844-439-2378)

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Flood Is All We Do

Complete Flood Certification Services

An incorrect flood zone can cost you thousands in flood insurance premiums or leave you unaware and unprotected from losses.  Whether you manage thousands of properties or just your own home, you can trust a Flood Certification leader to deliver accuracy, quality, and value.

If you need a flood insurance policy or you want to lower your premiums, then you need an Elevation Certificate. Our national network of state-licensed land surveyors will accurately certify the elevation of your property to comply with federal regulations and get you the lowest insurance rate possible.

A FEMA Letter of Map Amendment (LOMA) corrects an incorrect FEMA map and it can get you significantly reduced flood insurance premiums. It can also remove the mandatory flood insurance purchase requirement. MassiveCert guarantees a LOMA approval or your money back.