Governor declares state disaster areas in IL.

Policyholders affected by recent disasters may be eligible for an extended grace period on premium payments.

  • Residents in four Illinois counties continue to clean up their communities from severe flooding
  • Policyholders may be eligible for an extended grace period 

Our thoughts and prayers go out to those who are recovering from the aftermath of severe storms and flooding in four counties in Illinois. If you have been affected by this recent disaster in IL, you may be eligible for an extended grace period on premium payments.

Illinois Governor Bruce Rauner has declared Cook, Kane, Lake, and McHenry counties state disaster areas after significant flooding impacted these counties. The Insurance Department has requested insurers to allow coverage to remain in force for the next two months, and to provide grace periods to assist insureds to keep their policies in force.

Effective July 12, 2017, and running until September 30, 2017, the Illinois Insurance Department imposed a moratorium on cancellation for nonpayment of premiums. Also, the Department has directed insurers to extend the time period for a policyholder to perform acts under the contract, such as pay premiums, for at least 60 days from the last date allowed or required under the contract. 

Here’s a link to the IL government notice:

Company Bulletin 2017-03: Suspension of Cancellation, Non-renewal and Premium Payments in IL

If you have any questions or concerns regarding your policy as it relates to recent disasters, you can contact your agent or call New York Life at 1-800-CALL-NYL.

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