[navy.girl101]

do you get ur flood insurance refunded to you if you decide to have it?

[P C]

You can only get a refund if you've paid in advance. Like, if you pay for flood insurance for the whole year and decide in March that you not longer want it, you'll get a refund for the remained of the year. You do not get a refund on months that have already passed, though. You might want to check with your mortgage company before offing your flood insurance, though, because some mortgages require you to carry it if you're in a flood plain.

[CrabbyPatty]

difficult to understand the question. refund if you decide to have "it"? flood insurance is required by FEMA and your lender or not. If not, you can opt to buy it and its cost is based on your flood elevation and the location your property sits in relation to the 100-year flood map(s). If you buy flood insurance - what "refund" are you asking about? if its required - you cannot cancel it. If it's optional, cancel it as you would any other insurance and the amount you paid may be prorated back to you (depending on your insurer) and the cost for flood is regulated so that no matter who your insurer is it would be the same amount. If you choose to opt out and you are not required to have it, and you flood you are literally "washed out" - and no compensation or assistance will help you. Hazard/Homeowner's insurance doe not cover flood(s). It's like carrying minimal car insurance and having it stolen or wrecked by something other than an at-fault driver - you lose that car and nothing will help you. make sense?

[Tom-SJ]

You only get a refund if you sell your home. You cant cancel a policy just because you dint want it anymore. If you have purchased it you should keep it. Its not very expensive at all and well worth it if you live anywhere close to water even if it has never flooded there before. I am an insurance agent therefore I do work with this all the time.

[Doc. justasinner111]

Assuming you mean, if you decide to cancel your flood policy, is there a refund of premium? And the answer is, only if you SELL the property.

You pay flood in full for a year at a time. If you decide to cancel the policy before the year is out, the only time you get a refund of unearned premiums is if you sell it, and you have to show proof of sale.

Otherwise, people would buy flood right before hurricane season, and cancel right after, and skew the rating.

[special brew 2]

Normally, flood insurance is not refundable, except in a couple of special cases.