Dept. of Insurance calls for grace period for storm-affected counties – Inside INdiana Business

Indiana Department of Insurance Commissioner Amy Beard on Tuesday directed insurers to implement grace periods for policyholders directly affected by recent hurricanes in several states.

The department said the people would receive a 60-day extension to make premium payments without risking a penalty or cancellation of the policy.

The cancellation moratorium is intended for people affected by weather events in Allen, Benton, Cass, Clinton, Howard, Johnson, Morgan, Owen, Sullivan and White County.

“The last thing we want Hoosiers impacted by recent tornadoes and severe storms to worry about is missing out on premium payments or losing coverage,” Beard said in a news release. “We hope that by giving them this extension it will give them peace of mind.”

IDOI asked insurers to work with affected policyholders in paying premiums either by permitting the payment plan or extending the payment due date.

After the 60 day extension is revoked, the policyholder will be asked to continue premium payments.