FEMA Extends NFIP Renewal Grace Period
As part of its actions to address the coronavirus (COVID-19) pandemic, the Federal Emergency Management Agency (FEMA) has announced that it is extending the grace period to renew federal flood insurance policies from 30 to 120 days. The extension applies to National Flood Insurance Program (NFIP) policies that were scheduled to expire between February 13, 2020, and June 15, 2020.
“FEMA understands the sense of urgency related to financial hardships and wants to be proactive,” said David Maurstad, deputy associate administrator of FEMA’s Federal Insurance and Mitigation Administration. “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.”
The spring flood season in the United States is now ongoing. Forecasters at the National Oceanic and Atmospheric Administration (NOAA) have predicted widespread flooding this spring, though they do not expect it to be as severe or prolonged as the 2019 flood season.