National Flood Insurance Program (NFIP) Extended
On April 15, 2010, Congress approved legislation - and President Obama signed into law, reauthorization and extension of the National Flood Insurance Program (NFIP). H.R. 4851. "The Continuing Extension Act of 2010" will carry the NFIP through May 31, 2010 and be retroactive from February 28, 2010.
The NFIP should now return to normal operations and, since the extension is also retroactive, any new policy applications or renewals signed and submitted during the hiatus will be effective from the date of application (or in the case of waiting periods, follow the NFIP waiting period rules).
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AUTOMOBILE | HOMEOWNERS | FLOOD
Or Contact us by Phone: 1(800)222-0131
Notice from April 2nd, 2010 NFIP Hiatus
The NFIP (National Flood Insurance Program) extension bill (H.R. 4851, extending the program until April 30, 2010) has passed in the House and is currently in the Senate. The Senate did not vote prior to March 27 deadline, therefore, the bill will not be addressed until they reconvene on April 12. Please see below some of the ramifications from FEMA regarding this issue Not being passed by the Senate and the National Flood Insurance Program lapsing.
The major individuals affected are those seeking New flood insurance, renewing insurance during the hiatus or those seeking an increase on existing policies.
Please contact us immediately at 1(800)222-0131 with any questions you might have as again this will not be addressed by the Senate until at least April 12th.
Ramifications on Flood Insurance Authorization
If Congress did not reauthorize the NFIP by midnight of March 27th, the
Program will experience a hiatus – a period without authority to:
- issue new policies,
- issue increased coverage on existing policies, or
- issue renewal policies until Congress reauthorizes it.
If there is a lapse in NFIP authorization, most of the nearly 5.6 million flood insurance policyholders nationwide will not be affected.
Claims for Policies-in-Force
Policies-in-Force before midnight, March 27th
Policies that are in force before midnight, March 27th will remain in force, and claims under those policies are to be processed and paid as usual afterwards (once hiatus begins).
Claims for covered losses occurring during a hiatus, on existing policies and on policies issued effective after the last day of effective authorization, are to be processed and paid as usual.
Request a Quote Online
AUTOMOBILE | HOMEOWNERS | FLOOD
Or Contact us by Phone: 1(800)222-0131
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