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Coalition for Sustainable Flood Insurance Supports Grace Period

In March, FEMA extended the grace period for NFIP policy renewals from 30 days to 120 days. Under these guidelines, if a homeowner’s policy has an expiration date between Feb 13 and June 15 of this year, they have 120 days from that expiration date to renew their policy and avoid a lapse in coverage.  We are advocating that FEMA extend this grace period to allow people who have policies that expire after June 15 to access the same 120 day grace period for renewal. We are also advocating that FEMA allow policyholders who let policies lapse due to hardship, to grandfather in at their existing rate. Please let us know if you have any experience with clients, etc. in need of this extension.

You can read more in the full document here.