Hurricane Helene Flood Insurance Payments Surpasses $1 Billion
FEMA Encourages Florida Policyholders to Take Advantage of Extended Grace Period to Renew
WASHINGTON -- The National Flood Insurance Program (NFIP), administered by FEMA, has paid policyholders over $1.4 billion for flood losses stemming from Hurricane Helene recovery, with over 56,000 policyholders having filed claims following the storm’s landfall.
FEMA estimates Hurricane Helene could potentially result in flood insurance claims losses between $3.5-$7 billion. These estimates are FEMA’s projections as of Nov. 12, 2024 and are subject to change. The losses include flood insurance claims received from six states, with the majority of claims coming from Florida.
Of the amount paid, more than $520 million of this amount has been in the form of advance payments, where policyholders may receive up to $20,000 prior to a visit from an insurance adjuster. Advance payments give policyholders flexibility to begin working on their recovery as they work the remainder of their claim.
“I am deeply committed to helping our policyholders prioritize financial resources to help speed their recovery efforts in the wake of Hurricane Helene’s destruction,” said Jeff Jackson, the interim Senior Executive of the NFIP. “By extending the grace period for renewing policies, we are giving our policyholders some breathing room and demonstrating that the NFIP stands with them at time of tremendous heartache and difficulty.”
FEMA announced on Oct. 10 that certain NFIP policyholders in Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia who had flood damage from Helene had until Nov. 26, 2024, to renew their policies, an increase from the standard 30-day renewal grace period. Certain policyholders in Florida have until Dec. 10, 2024 to renew policies due to an additional extension from Hurricane Milton.
Policyholders in Florida who wish to take advantage of the grace period should contact their agent or insurance company today. Policyholders who do not have their insurance agent or company’s contact information should call 877-336-2627 for assistance.
To learn more about how to file a flood insurance claim visit floodsmart.gov.
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