Flood Insurance Affordability: Grace Period and No Fees for Monthly Payments.
This law establishes a temporary grace period for federal flood insurance premium payments, ensuring continuous coverage until FEMA fully implements the required monthly payment option. Crucially, it prohibits charging any extra fees for choosing monthly payments over annual payments, making flood insurance more accessible for household budgets. Policyholders should note that unpaid premiums from the grace period will be recouped through slightly higher monthly fees later.
Key points
A grace period is established for flood insurance premium payments, lasting until FEMA makes the monthly payment option available to policyholders.
Policyholders who utilize the grace period must repay the unpaid premiums later through an extra fee added to their subsequent monthly installments.
FEMA is prohibited from applying any additional fees or charges for choosing monthly flood insurance payments compared to annual payments.
Expired
Citizen Poll