10/10/2024 | Press release | Distributed by Public on 10/10/2024 09:01
FEMA offers Group Flood Insurance Policies to individuals who do not have flood insurance and have received assistance from FEMA after a presidentially declared disaster.
If flooding damaged your property, including your home or your personal possessions, you may be eligible to receive flood insurance through a Group Flood Insurance Policy (GFIP). In addition to meeting general conditions of eligibility to receive assistance under FEMA's Individuals and Households Program (IHP), you must meet the following conditions to be considered for a GFIP certificate:
If eligible, FEMA will provide you a GFIP with no out-of-pocket cost to you. Instead, FEMA pays the cost of the GFIP policy (currently $2,400) directly to the NFIP from your IHP disaster assistance funding. If the cost of a GFIP policy exceeds the remaining amount of IHP Assistance available to you, you will not be eligible for a GFIP. Instead, you will need to purchase an individual policy on your own.
GFIP policies provide up to three years of flood insurance coverage for real property and personal property items insured under the NFIP. The master GFIP policy term is for 36 months and begins 60 days after the date of the presidential disaster declaration. Individual coverage becomes effective 30 days after the NFIP receives notice and the premium. As of October 2023, the amount of coverage for the individual GFIP policy is $85,000.
The amount of coverage included with a GFIP changes annually. Please visit agents.floodsmart.gov/articles/understanding-group-flood-insurance-policies-gfips for the most up-to-date figure.
he GFIP will satisfy the legal requirement to obtain and maintain flood insurance after receiving disaster assistance. However, this requirement will continue even after the GFIP policy expires. You will need to purchase an individual Standard Flood Insurance Policy (SFIP) through a local insurance agent before your GFIP expires. An insurance agent can help you select a flood insurance policy tailored to your specific needs.
The NFIP will mail you a reminder of these requirements each year. The NFIP will also send you a reminder letter 45 days before your GFIP policy expires, as well as when your GFIP policy expires.
You may not be eligible for future disaster assistance if you do not maintain flood insurance after your GFIP expires.
For more information regarding the Group Flood Insurance program, call the NFIP Direct at 800-638-6620, option number 2. You can also visit the official website of the NFIP at floodsmart.gov for more about the program, details on purchasing an SFIP, mitigation actions, flood maps and more.