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Is there a waiting period for Flood Insurance?

Fri, Apr 22nd, 2011
Posted in Ask the Expert

Yes, there is normally a 30-day waiting period for the insurance to become effective. But, there are two basic exceptions to the rule:

 If you are purchasing flood insurance for the first time, and it is made during the 13-month period following a revision or update of a Flood map for the community, then there is a 1-day waiting period.

 If you are purchasing flood insurance for the first time and it is in connection with the making, increasing, extending, or renewing of a loan, there is no waiting period. The coverage will become effective at the time of the loan, as long as the application and the presentment of premium are made at or prior to the closing of the loan.

 There are also FEMA-issued policy decisions that specify four more exceptions that I am sure your local flood insurance agent would be happy to go over with you.

Dennis Overland

PO Box 665, Rushford, MN 55971-0665

Ph: 507-864-2757 • Fax: 507-864-7079

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