WASHINGTON — Residents in states affected by Hurricane Helene, who previously had federal flood insurance coverage but allowed it to lapse prior to the storm, may now have the opportunity to renew their policies and secure coverage for any damages incurred.
The Federal Emergency Management Agency (FEMA) announced on Thursday that specific policyholders across seven states impacted by Hurricane Helene will be granted additional time to renew their insurance.
Typically, homeowners with policies under the National Flood Insurance Program administered by FEMA are offered a 30-day grace period following the expiration of their coverage, during which they can still renew and remain protected against potential losses. The agency has decided to extend this grace period to November 26.
To illustrate, for a policy that ended on August 28, the standard renewal deadline would have been September 26, but with the new extension, policyholders can now renew until November 26 without losing their coverage.
FEMA advises policyholders to reach out to their respective insurance providers to determine if this renewal extension is applicable to their specific situation.
“By expanding the grace period for policy renewals, we are offering our policyholders much-needed relief during this challenging time, showing that the National Flood Insurance Program is committed to supporting them amid this tremendous hardship,” stated Jeff Jackson, the interim senior executive of the program.
Hurricane Helene, which reached Category 4 strength, made landfall on Florida’s Gulf Coast on September 26 before continuing northward, resulting in the release of trillions of gallons of water across various states.
It’s important to note that most private insurance companies do not include flood insurance in their policies, as flood damage typically isn’t covered by standard homeowner’s insurance. Consequently, the National Flood Insurance Program serves as the primary source of flood insurance coverage for residential properties.
Established over 50 years ago, this program was created in response to the withdrawal of many private insurers from providing coverage in high-risk flood zones.
However, the extended grace period will only assist those who already had flood insurance coverage in place. Experts suggest that a mere 1% of homeowners in the interior regions that experienced the most severe flooding had flood insurance policies to begin with.
