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Saturday, Apr. 30, 2016

Thayer residents may get insurance refund

Thursday, December 3, 2009

A Federal Emergency Management Agency (FEMA) map revision compiled Dec. 16, 2008, might qualify some Thayer residents for an insurance refund.

Some residents who were in the Special Flood Hazard Area (SFHA) may not be since the map revisions. These people may ask for their flood premiums to be returned.

Those who paid for flood insurance between Dec. 16, 2008, and Dec. 16, 2009, may qualify for a full refund.

"Insurance (is) no longer required by a mortgagee because property is no longer located in a Special Flood Hazard Area because of a physical map revision," according to FEMA.

"Flood insurance was initially required by the mortgagee or other lender because the property was determined to be in a SFHA," Joe Barbee said. "Following the physical revision of a map, if the property is no longer located in the SFHA, then the policy may be cancelled provided the mortgagee confirms in writing that the insurance is no longer required because the property was removed from the SFHA."

Premiums may be refunded for the current year and for an additional policy year in cases where the insured was required to renew the policy during the six months before or after the effective date of the revised map, provided no claim was paid or is pending during the policy year that is being cancelled. A cancellation request must be received during the policy year or within six months of the policy expiration date. Those who want a refund must have documentation from the mortgagee that insurance was required as part of the mortgage but is no longer required because of the SFHA map revisions.

For more information call Thayer City Hall at 264-3910 or Joe Barbee at 264-3748.



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