FEMA Extends Grace Period for Flood Insurance Premiums

To help serve its National Flood Insurance Program (NFIP) customers, FEMA is extending the grace period to renew flood insurance policies from 30 to 120 days. If a policy has an expiration date between February 13, 2020 and June 15, 2020, then the NFIP insurer must receive the appropriate renewal premium within 120 days of the expiration date to avoid a lapse in coverage. Likewise, if a policyholder receives an underpayment notice dated between February 13, 2020 and June 15, 2020, then the NFIP insurer must receive the additional premium amount requested within 120 days of the date of the notice. Posted 3/29/2020 information supplied by NAR