Department of Insurance calls for grace period
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Indiana Department of Insurance Commissioner Amy Beard on Wednesday directed insurance companies to implement a grace period for policyholders who have been directly affected by recent storms in several counties.
The department said those individuals will receive a 60-day extension to make premium payments without risk of penalties or policy cancellation.
The cancellation moratorium is intended for people affected by the weather events in Allen, Benton, Cass, Clinton, Howard, Johnson, Morgan, Owen, Sullivan and White counties.
“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 news release. “We hope by granting this extension, it will give them some peace of mind.”
The IDOI is asking insurance companies to work with impacted policyholders in paying the premiums either by allowing a payment plan or extending the payment due date.
After the 60-day extension is lifted, policyholders will be required to resume making premium payments.