The Federal Emergency Management Agency (FEMA) published a news release providing information on the development of monthly installment payment plans for National Flood Insurance Program (NFIP) policyholders.
Currently, NFIP premiums can only be paid annually. This has been the option payment option for over 55 years. However, FEMA is in the process of developing a new option where policyholders can choose to pay monthly. Both new applicants and policyholders renewing their policy would have the option of paying their premium in monthly installments.
Any NFIP policyholder not required to escrow their premiums would be eligible for the installment plan. Whether the policyholder elects for the annual payment or monthly installment plan, they cannot change the choice during the policy term.
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