During this unprecedented pandemic, FEMA and its National Flood Insurance Program (NFIP) has extended the grace period for flood insurance renewal to help policyholders ahead of potential floods this spring and during hurricane season.
Recognizing the financial hardship experienced by many of its policyholders during this time, the agency is extending the grace period to renew flood insurance policies from 30 days to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13 through June 15, 2020. For these policies, the insurance provider ([insert company name here]) must receive the appropriate renewal premium within 120 days of the expiration date to avoid a lapse in coverage. If a policyholder receives an underpayment notice between February 13 and June 15, then the insurance provider ([insert company name here]) must receive the additional premium amount requested within 120 days of the date of the notice.
“We want to make sure that policyholders don’t have to worry that their policy will lapse during the spring flood season or into the start of hurricane season,” said David Maurstad, senior executive of the NFIP. “We hope this extension will give policyholders some peace of mind and allow them extra time to renew their policies to ensure they are covered should a flood loss occur.”
For more information on the latest updates, renewing flood insurance policies, or how to buy flood insurance, contact your insurance agent, visit FloodSmart.gov, or call the NFIP at 877-336-2627. You can view the full bulletin about the extension, here.
For more than 50 years, the National Flood Insurance Program (NFIP) has helped policyholders before, during, and after flood disasters. The NFIP is a federal program created in 1968 by Congress to mitigate future flood losses and to provide access to affordable, government-backed flood insurance protection for property owners in communities that enact and enforce floodplain regulations. The NFIP helps policyholders across the country build back safer and stronger after a flood