The Arkansas Insurance Department issued a 60-day moratorium on the cancelation/non-renewal of policies for the non-payment of premiums by Arkansans residing in counties declared a disaster after flooding.
The moratorium means an Arkansans’ insurance cannot be canceled or not renewed for the next 60 days because someone hasn’t paid their insurance premium.
Commissioner Allen Kerr issued a statement on the moratorium:
“In order to help Arkansans struggling with storm damage and flooding, I have issued this moratorium that applies to all types of insurance policies sold in this state. It is important to note that this action does not waive the obligation of Arkansans to pay their insurance premiums, it is only an extension of the time period to make your payment without the threat of cancellation.”
Counties issued as a disaster include Baxter, Benton, Boone, Clay, Cleburne, Craighead, Cross, Faulkner, Fulton, Independence, Izard, Lawrence, Jackson, Madison, Marion, Montgomery, Newton, Perry, Prairie, Pulaski, Randolph, Saline, Searcy, Stone, Washington, White, Woodruff, and Yell Counties
Policy holders must request the extension offered by the moratorium from their insurance carrier.
For more information on the moratorium, click here.