If I have purchased a piece of property that had flood insurance, is the policy transferrable?

If I have purchased a piece of property that had flood insurance, is the policy transferrable?

The property was purchased from an individual who is toting the note for me...and he has a policy already....I would like to transfer it into my name since flooding is imminent and I don't want him to get the check and not fix my home! Someone told me that all I had to do was go down to the insurance agency w/ the papers that show that I am the new owner and that they will transfer the policy over. Is this true? I don't want to end up screwed!

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