The 30 Day Waiting Period

There is a 30 day waiting period after your purchase your flood insurance policy before it goes into effect.So if you are in the middle of a bad winter and have a really high chance of flooding you would not be able to go to your local agent to have them write a policy that would take effect immediately. There are a few exceptions to the rule. If you are in a position that you need to have flood insurance in place in order to close a loan to purchase your home the waiting period would be waived. As many of your know, any loan that is a federally backed mortgage, this includes almost all loans, requires maintained flood insurance in high risk flood areas. You will have to continuously have this coverage in place for the duration of the loan. Any lapse in coverage could leave you in a position that the lender would put forced placed flood insurance on your home in order to protect their investment and maintain compliance with FEMA guidelines. If a lender finds out that you do not have flood insurance on your home and forces coverage themselves, then the waiting period would also be waived. The last two reasons that a waiting period can be waived is if a policy is renewing and the client is electing to purchased in increased amount of coverage or if additional coverage is needed in order to stay in compliance with FEMA regulations due to a map revision. Don't wait until it is too late to purchase your flood insurance policy. Get your quote online today or call 530.923.2930 License 0G13612.