My policy has a waiting period, what is that?
My policy has a waiting period, what is that? On May 15, the rainy season begins in Florida and lasts until October 15. As the name suggests, it is the time of the year when Florida experiences the highest number of rainfall, accounting for 70% of the total rainfall for the year.
The rainy season is divided into three stages. The first stage starts in mid-May and lasts until June. Severe storms, hail, heavy rain, and waterspouts usually occur during this stage.
The second stage begins in July and lasts until September. During this stage, rainfall reaches its peak, and it is the most prone time for flooding to occur.
The last stage takes place from mid-September to early October, where rainfall typically decreases, but becomes more variable due to tropical systems and autumn cold fronts.
Although the rainy season is eagerly awaited by farmers, especially after a dry start to the year, it is a cause for concern for homeowners and business owners in Florida because of the potential for flooding.
The best protection for a homeowner or business owner is to have flood insurance before the rains begin. Especially considering that the federal flood insurance program, National Flood Insurance Program (NFIP), requires a waiting period of 30 days before taking effect. This means that if someone obtains flood insurance on May 15, it will not take effect until June 15. Therefore, if a flood occurs during the waiting period, the insurance will not cover any damage suffered.
Similarly, private insurers may have a waiting period of 10 to 14 days. However, some companies do not require a waiting period, and their policies take effect immediately.
In summary, if someone wants to protect their property from water damage during the current rainy season, they should contact Univista Insurance immediately to obtain the cheapest flood insurance in Florida. Remember that homeowners who have purchased flood insurance during the mortgage process will not have a waiting period. My policy has a waiting period, what is that?
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