Can Commercial Flood Insurance Be Transferred or Assumed?

In this video we discuss how to do a policy assumption on a commercial flood insurance policy.

Commercial flood insurance is different from residential flood insurance in many ways. However one thing that is similar is the fact a policy can be assumed or what many people call a transfer.

Technically speaking a policy transfer is actually different. A policy assumption is when policy ownership moves from one party to another. Many times this happens when a property is sold and someone is trying to lock in a rate of flood zone that may no longer be available.

So Can a commercial flood insurance policy be assumed?

Yes if it is a National Flood Insurance Program policy. However each private flood insurance company will have different guidelines on whether a policy can be assumed.