31
Mar

FEMA Extends Grace Period for Flood Insurance Renewal Premiums

From NAHB Now
Due to the COVID-19 pandemic, the Federal Emergency Management Agency (FEMA) will be extending the grace period to renew flood insurance policies under the National Flood Insurance Program (NFIP) from 30 days to 120 days.

To avoid a lapse in coverage, there is typically a 30-day grace period to renew NFIP policies. However, due to the widespread economic disruption arising from this pandemic, FEMA has authorized an extension to allow additional time for policyholders who may be struggling financially to pay insurance premiums. The extension will also ensure that policies are not cancelled for nonpayment of premium due to circumstances beyond their control.
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