Indiana implements insurance grace period for Hoosiers impacted by storms
INDIANAPOLIS (WISH) — The Indiana Department of Insurance announced Wednesday plans to implement a grace period for Hoosiers impacted by recent storms.
State insurance commissioner Amy L. Beard issued Bulletin 268 directing insurance companies to implement a 60-day cancellation moratorium for any policyholder affected by the recent weather events in Allen, Benton, Cass, Clinton, Howard and Johnson Morgan, Owen, Sullivan, and White counties, according to a news release.
Policyholders who were affected in the impacted counties will have an extension of 60 days to make premium payments without the risk of penalties or policy cancellations.
“The last thing we want those Hoosiers impacted by the recent tornadoes and severe storms to worry about is missing a premium payment or losing coverage,” Beard said in a statement. “We hope by granting this extension, it will give them some peace of mind.”
After the grace period, policyholders will be required to make premium payments.
Indiana will also be providing similar courtesies to companies and licensees by implementing a 60-day grace period relating to renewal and cancellations for all licensees, certificate holders, and registrants from the impacted areas. This will include premium tax and surplus lines premium tax filings, according to the release.