If you have a private flood insurance, the waiting period is much shorter than the one from the National Flood Insurance Program. Buying from a private seller can give you as little as 10-14 days of waiting period. The policy may not cover any flood damage if the calamity happens at the time of the blackout period.
Exceptions to the Waiting Period
1. There is no waiting period if the flood insurance you purchase is in connection with the renewal or extension of your mortgage.
2. If your home is included in the Special Flood Hazard Area, the flood insurance you purchase comes with a one-day waiting period.
3. You increase the policy of your existing flood insurance at the time of renewal. As soon as the old coverage ends, the new limits start to kick in.
4. If your house is located in a high-risk flooding area due to a wildfire or burned federal area. Most likely, there is no waiting period at all if you already have a flood policy within 2 months that the fire is contained.
5. If you are transferring your policy from the National Flood Insurance Program to a private insurance.
Flood Insurance for Your Car
In the event of flooding, flood insurance doesn't cover vehicles. The coverage that should pay for the damages to your car is your comprehensive car insurance. It is best to add new coverage to your existing insurance policy in case of a storm. Remember that insurance companies usually do not sell one during a storm watch. Basically, there is no waiting period for this.
As they say, it’s better safe than sorry. Today is the best time to buy your flood insurance to avoid a long waiting period. At the Brad Spurgeon Insurance Agency we take pride in making sure our clients are well-protected at prices that they can afford. To learn more about how we can help you please contact our agency at (409) 945-4746 or Click Here to request a free quote.