Flood Insurance waiting period required?
Flood Insurance: Is a 30-day waiting period always required before coverage kicks in? Flood insurance is the one that protects a property when it is damaged by a flood of water from the river, sea, reservoir, or as a result of a blockage of the city sewers.
Unlike other coverage, flood insurance has a 30-day waiting period. In other words, if someone takes out insurance on May 20, it will not be in force until June 19. If a flood occurs during the waiting period, the property will not be covered.
Taking into account that the hurricane season begins next June 1, taking the example of the previous case, it means that said owner will spend the first 19 days of the hurricane season without flood protection. A real risk, as FEMA says, a single inch of water entering a home can cause about $25,000 in losses.
Today we want to refer to the exceptions. When does the National Flood Insurance Program (NFIP) not require a 30-day waiting period?
For those who are buying a property and are required by the lender to have flood insurance, the insurance will go into effect immediately on closing day. Another exception is if a lender requires additional coverage to be added to the insurance purchased or if a homeowner needs to have flood insurance to obtain a loan.
Those who receive a letter from FEMA indicating that the property has been included in a high-risk flood zone will also not have a waiting period.
On the other hand, private coverage, other than through the NFIP, may not have a waiting period or it may be less than 30 days.
If someone replaces your NFIP insurance with a private policy, neither. You only need to submit the application and payment 30 days before the NFIP policy expires. Flood Insurance: Is a 30-day waiting period always required before coverage kicks in?
Just in case, don’t wait until the last moment. Keep in mind that at Univista Insurance, you can buy the cheapest flood insurance in Florida.