April 20 / News
Grace Period Extensions for Flood Insurance Renewal Payments
The Federal Emergency Management Agency (FEMA) extended the grace period to renew a flood insurance policy from 30 days to 120 days. This extension applies to flood insurance policies with expiration dates between February 13, 2020 to June 15, 2020.
Policyholders will now have more time to make their payment. FEMA’s announcement prevents cancelation of policies for nonpayment of premium during the extended grace period. This extension provides additional peace of mind for agents and policyholders as we approach spring flooding and hurricane seasons.
- Effective for policies with expiration dates between February 13, 2020 to June 15, 2020.
- Extension of Underpayment Grace Period: If a policyholder receives an underpayment notice dated between February 13, 2020 and June 15, 2020, the additional premium amount must be received within 120 days of the notice date.
- TorrentFlood® seamlessly supports these temporary grace period extensions. Rest assured, we have this handled for you. We are able to respond efficiently to apply these changes in both our technology and service processes.
- Filing a Claim: A first notice of loss (FNOL) is not accepted in TorrentFlood if the date of loss is outside the covered policy term. If a loss occurs and the policy is expired, payment will be accepted and the policy renewed without a lapse, as long as the policy is within the grace period.
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