Business Development at Aon Edge
Flood Zone Override
Agents: Does this story sound familiar? One of your clients is buying their dream home that just so happens to be in a Special Flood Hazard Area (SFHA), so they need flood insurance. You work up a quote, send it to your client, and get ready to write it up so they can close on the property.
A few days before closing, you get a distressed call from your client, who tells you the mortgage lender is rejecting the quote because, according to their records, the home is listed in an AH flood zone, while the quote you provided says the property is located in an AE flood zone.
How can this be? The processing platform that quoted your NFIP or Private Flood product clearly shows it is in an AE zone. Worse yet, AH zones can be much more expensive. You even double-checked with the FEMA Flood Map Service Center
This gap in Flood Zone Determination (FZD) happens because banks, insurance companies, and other interested parties subscribe to multiple vendors to supply this information. These vendors use different sources to make their determinations and sometimes differ on what the flood zone is. This difference can cause a flood quote premium to go up substantially, or worse, cause a deal to fall apart.
The good news is, with Aon Edge EZ Flood®
private flood insurance, you can now go in and change the flood zone on our online agent processing platform to match the lender’s zone. Please note, however, that premiums are calculated based on carrier underwriting requirements, independent of any flood zone changes you make.
There’s no need to talk with an Aon Edge representative (unless you want to), and no waiting days for a manual mapping. Visit aonedge.com
and get contracted today!