Tag: nfip extension

FEMA announces 120-day NFIP grace period for flood policy renewals

Marc
NFIP grace period - Flood - homes

The Federal Emergency Management Agency is lengthening this time from having been 30 days. The Federal Emergency Management Agency (FEMA) has announced the extension of the NFIP grace period for flood insurance policy renewals to 120 days. The National Flood Insurance Program’s limit used to be thirty days. The reason the NFIP grace period length has changed is that FEMA is aiming to provide customers with relief at the moment. It acknowledges that many people are struggling with financial hardships from the coronavirus pandemic. Therefore, the extension is meant to…

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Flood insurance law to be combined with Highway Bill

Nordstrom
Flood Insurance

Legislators seek to extend the life of NFIP by combining laws The U.S. House and Senate are currently working to finalize an agreement that would combine a number of legislations under the proposed Highway Bill. The bill was introduced as a way to solve some of the problems with the country’s transportation infrastructure – namely the country’s roadways. The bill has, for some time, been a point of contention amongst politicians for various reasons. Now, legislators are working to make the bill more attractive universally by combining legislation that would…

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Flood insurance program wins short-term extension

S.Vagus
Flood insurance

Lawmakers take action on NFIP ahead of hurricane season Federal legislators have taken action on the troubled National Flood Insurance Program (NFIP) this week, voting for a short-term extension for the program. NFIP has been plagued with financial woes for several years, after Hurricane Katrina dealt a destructive blow against the U.S. in 2005. The program accounts for the majority of flood insurance policies in the country and is often considered the best place for homeowners to find affordable coverage. Because of this, the program has acquired a massive number…

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