Due to the damage and displacement caused by recent flooding, the Federal Emergency Management Agency (FEMA) has extended to 120 days the grace period to renew flood insurance policies in certain Louisiana parishes.
The federal agency said more than 25,000 National Flood Insurance Program policyholders have submitted claims for flood loss so far. It has authorized and issued more than $15 million in advance payments to NFIP policyholders in Louisiana who sustained flood-related damages to provide expedited relief to disaster survivors.
In order to avoid a lapse in coverage, there is typically a 30-day grace period to renew policies under the National Flood Insurance Program (NFIP). In Louisiana, the extensive damage to homes and businesses, as well as widespread disruption of power, transportation, and communication infrastructure may affect the ability of policyholders to meet the standard 30-day deadline to renew policies.
The extended grace period applies to policies in the 20 parishes declared in Louisiana — Acadia, Ascension, Avoyelles, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson Davis, Lafayette, Livingston, Pointe Coupee, St. Helena, St. Landry, St. Martin, St. Tammany, Tangipahoa, Vermilion, Washington and West Feliciana.
The extension applies to all NFIP flood insurance policies in those parishes with a current grace period ending Aug.11, 2016, through Sept. 10, 2016. Affected policyholders should note that the NFIP cannot pay a flood claim that occurs after the expiration date, unless the policyholders renew their premium with their insurance carriers on or before the last day of the grace period.
Source: FEMA
Related:
- 86,500 People Affected by Louisiana Floods Seek Federal Aid
- RMS: Flood Insurance Uptake Low in Areas Hit Hardest by Louisiana Flooding
- Louisiana Issues Post-Flooding Emergency Insurance Rule
- As Louisiana Surveys Flood Damage, Death Toll Rises
- AIR Worldwide: Louisiana’s Record Rainfall Caused by Low-Pressure System
- 6 Dead, Tens of Thousands Evacuated in Louisiana Flooding
- Louisiana Reminds Insurers of Flooded Vehicle Requirements
- Analysis: Flooding Intensifies Louisiana’s Financial Woes
Was this article valuable?
Here are more articles you may enjoy.
Allstate Reports $731M in Q1 Pretax Catastrophe Losses 
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
California Sees Two More Property Insurers Withdraw From Market 
Former Congressman Charged After Collision with State Trooper in Florida 
