diff --git a/ovn_bgp_agent/drivers/openstack/watchers/nb_bgp_watcher.py b/ovn_bgp_agent/drivers/openstack/watchers/nb_bgp_watcher.py
index ae32a11f..b717b62c 100644
--- a/ovn_bgp_agent/drivers/openstack/watchers/nb_bgp_watcher.py
+++ b/ovn_bgp_agent/drivers/openstack/watchers/nb_bgp_watcher.py
@@ -174,6 +174,15 @@ class LogicalSwitchPortFIPCreateEvent(base_watcher.LSPChassisEvent):
     So for migration flow we are only interested in event 7.
     Otherwise the floating ip would be added upon event 2, deleted with
         event 3 and re-added with event 7.
+
+    For the live migration of a VIP (floating ip attached to virtual port),
+    the following events happen:
+    1. port is set down (by ovn-controller on source host)
+    2. external_ids update (neutron:host_id is removed)
+    3. port is set up (by ovn-controller on dest host)
+    4. external_ids update (neutron:host_id is added)
+
+    In this case we only need to catch event 4.
     '''
     def __init__(self, bgp_agent):
         events = (self.ROW_UPDATE,)
@@ -210,8 +219,11 @@ class LogicalSwitchPortFIPCreateEvent(base_watcher.LSPChassisEvent):
                 # to something else) we need to process this update.
                 # If nothing else changed in the external_ids, we do not care
                 # as it would just cause unnecessary events during migrations.
+                # Only case we are interested in is if the chassis has changed
+                # with this event.
                 # (see the docstring of this class)
-                return False
+                old_chassis = self._get_chassis(old)
+                return old_chassis != current_chassis
 
             # Check if the current port_fip has not been exposed yet
             return not self.agent.is_ip_exposed(
diff --git a/ovn_bgp_agent/tests/unit/drivers/openstack/watchers/test_nb_bgp_watcher.py b/ovn_bgp_agent/tests/unit/drivers/openstack/watchers/test_nb_bgp_watcher.py
index 82c204aa..5fc2578f 100644
--- a/ovn_bgp_agent/tests/unit/drivers/openstack/watchers/test_nb_bgp_watcher.py
+++ b/ovn_bgp_agent/tests/unit/drivers/openstack/watchers/test_nb_bgp_watcher.py
@@ -310,9 +310,30 @@ class TestLogicalSwitchPortFIPCreateEvent(test_base.TestCase):
                 constants.OVN_HOST_ID_EXT_ID_KEY: self.chassis,
                 constants.OVN_FIP_EXT_ID_KEY: 'fip-ip'},
             up=[True])
-        old = utils.create_row(external_ids={}, up=[True])
+        old = utils.create_row(external_ids={
+            constants.OVN_FIP_EXT_ID_KEY: 'fip-ip',
+        }, up=[True])
         self.assertTrue(self.event.match_fn(mock.Mock(), row, old))
 
+    def test_match_fn_no_change_external_ids(self):
+        row = utils.create_row(
+            type=constants.OVN_VM_VIF_PORT_TYPE,
+            addresses=['mac 192.168.0.1'],
+            external_ids={
+                constants.OVN_HOST_ID_EXT_ID_KEY: self.chassis,
+                constants.OVN_FIP_EXT_ID_KEY: 'fip-ip',
+                'neutron:revision_number': '416',
+            },
+            up=[True])
+        old = utils.create_row(
+            external_ids={
+                constants.OVN_FIP_EXT_ID_KEY: 'fip-ip',
+                constants.OVN_HOST_ID_EXT_ID_KEY: self.chassis,
+                'neutron:revision_number': '417',
+            },
+            up=[True])
+        self.assertFalse(self.event.match_fn(mock.Mock(), row, old))
+
     def test_match_fn_status_change(self):
         row = utils.create_row(type=constants.OVN_VM_VIF_PORT_TYPE,
                                addresses=['mac 192.168.0.1'],