FEMA Extends Renewal Payment Grace Period from 30 to 120 days
WASHINGTON – FEMA has advised that they are extending the renewal premium payment grace period from 30 to 120 days.
We are entering flood season in unprecedented times as the Coronavirus continues to create uncertainty for us all. To help serve NFIP customers facing financial hardships, FEMA is taking proactive steps to support policy-holders during a time that many are experiencing financial hardships related to the current health crisis.
The extension allows policyholders additional time to pay their flood insurance premiums while ensuring their policies are not cancelled for nonpayment of premium.
National Flood Services will continue to operate in compliance with FEMA directives and will provide updates as additional information becomes available.
NFIP Granted Extension Through September 30, 2020
WASHINGTON – With the NFIP Authority set to expire at midnight, December 20, 2019, the House and Senate extended the NFIP Authority through September 30, 2020 as part of the Further Consolidated Appropriations Act of 2020. The President is expected to sign the bill before midnight December 20th, 2019 which continues the current authority and contains no reforms to the NFIP at this time.
NFIP Granted Extension Through December 20, 2019
WASHINGTON – With the NFIP Authority set to expire at midnight, November 21, 2019, the House and Senate extended the NFIP Authority through December 20, 2019 as part of the Continuing Resolution HB 3055. The President signed the bill, which continues the current authority and contains no reforms to the NFIP at this time. Given the ongoing uncertainty surrounding the NFIP reauthorization, including a potential lapse in authority, we encourage Agents to submit their new applications, renewals and coverage endorsements as soon as possible.
FEMA Defers the Implementation of Risk Rating 2.0
WASHINGTON – FEMA is focused on building a culture of preparedness by closing the insurance gap so that individuals and communities recover faster and more fully after a natural disaster.
Earlier this year, FEMA announced Risk Rating 2.0 as an initiative to deliver flood insurance rates that people trust, value, and are less complex to navigate. Knowing the true risk of one’s property is critical to ensure adequate insurance coverage and claim payments after a flood, as well as to inform appropriate mitigation measures property owners can take to ultimately reduce their risk. While the agency initially announced that new rates for all single-family homes would go into effect nationwide on October 1, 2020, some additional time is required to conduct a comprehensive analysis of the proposed rating structure so as to protect policyholders and minimize any unintentional negative effects of the transition. Therefore, FEMA decided to defer the implementation of Risk Rating 2.0 by one year to October 1, 2021. Additionally, this extension allows for all National Flood Insurance Program (NFIP) policies – including, single-family homes, multi-unit and commercial properties – to changeover to the new rating system at one time instead of a phased approach, as originally proposed.
Over the course of the next year, FEMA will continue to actively engage with Congress and other key stakeholders to ensure transparency and visibility as we work to transform the NFIP.
NFIP Authority Extended Through November 21, 2019
President Trump signed a continuing resolution on Friday evening (9/27) which ensures funding of the government at current levels until midnight, November 21. Included in the resolution is an extension of the National Flood Insurance Program (NFIP). This extension provides lawmakers with funding for an additional two months of operations with the current NFIP. Lawmakers will continue to discuss ways to reform and reach a long term solution for the NFIP.
NFS addresses the top 5 questions regarding NFIP Reauthorization
August 23, 2019
Congress returns from recess on September 9, leaving only 15 legislative days until the current NFIP authorization ends. Cynthia DiVincenti — NFS Head of Government Relations addresses the Top 5 questions about NFIP Reauthorizaiton and how a lapse could impact your daily business.
NFIP Cliff Notes
Published: Thursday, November 21, 2019
Provides an easy to understand breakdown of all NFIP changes beginning April 2020. Including:
- Primary Residence Documentation Requirements
- Non-Residential Floodproofing Premium Credit
- Premium Increases
- Changes effective January 1, 2021
Published: Wednesday, May 1, 2019
Provides an easy to understand breakdown of all NFIP changes beginning October 2019. Including:
- Mandatory Reporting of National Producer Numbers (NPNs)
- Updates to Specific Rating Guidelines
- Changes effective January 1, 2020
Published: Tuesday, January 1, 2019
Provides an easy to understand breakdown of all NFIP changes beginning April 2019. Including:
- Premium increases
- Primary Residence Guidelines
- Additional Premium Charge for Severe Repetitive Loss
We make it easy to understand flood insurance for commercial properties by covering topics like:
- Building classifications
- The NFIP General Property Form
- Commercial Tenants Coverage