National Flood Insurance Program Extends Grace Period

HYANNIS – Due to the financial hardships policyholders may face in the upcoming months because of the events around COVID-19, the National Flood Insurance Program has extended the 30 day grace period to 120 days.

To avoid a lapse in coverage, there is normally a 30-day grace period for the date of the policy expiration to the date coverage is lost on NFIP flood policies.

If a policy has an expiration date between February 13, 2020 and June 15, 2020, then the NFIP must receive the renewal premium within 120 days of the expiration date to avoid a lapse in coverage.

If a policyholder receives an underpayment notice dated between February 13, 2020 and June 15 2020, then the NFIP must receive the additional premium amount requested within 120 days of the days of the notice.

This extension will allow additional time for policyholders who may be struggling financially to pay insurance premiums and ensure their policies are not cancelled for nonpayment of premium due to circumstances beyond their control.

For further information, visit Knowflood.org.

About Luke Leitner

Luke Leitner grew up in Watertown Massachusetts and now lives in West Yarmouth on the Cape. He has been a part of the news team in the CapeCod.com News Center since the spring of 2019. He studied business communications at Western New England University.



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