Last Minute Flood Insurance: Is it Possible?

Home insurance pays for damage to your home, but not everything is covered. Flooding is one of the perils that will almost never be covered under a typical homeowners policy. With flooding, you need to get separate insurance for coverage. Getting insured before flooding happens would be a wise move, because there’s usually a waiting time before a policy takes effect. However, there are certain situations where coverage can take effect immediately.

How many days should you wait before flood insurance takes effect?

If you get a policy from the National Flood Insurance Program (NFIP), coverage usually takes effect 30 days from the date of purchase. But if you buy private flood insurance, on the other hand, the waiting period can be much shorter – maybe around 10 to 14 days. Not all states and communities, however, have private insurers, so ask your home insurance agent about options in your area.

If you’ve been flooded during the blackout period, the policy won’t be paying to fix the damages to your home and belongings.

When will the waiting period not apply?

Here are the exceptions to the NFIP waiting period:

• You purchase flood insurance related to getting, increasing, extending, or renewing your mortgage.
• You’ve already got flood insurance and you decided to adjust your coverage for inflation per recommendation on your renewal bill. The new limits will kick in once the old policy expires.
• Your home is located in a burned federal land and it has increased your risk of flooding. Typically, there may be no waiting period if you get a policy within 60 days of the date the fire has been contained.
• You’ve bought flood insurance within 13 months after your home has been added to a Special Flood Hazard Area map. In such cases, the waiting period is one day.

If you got your policy from a private insurer, there may also be exceptions. However, they will vary with insurers. So ask your agents for more details.

If you want to know more about flood insurance, Brad Spurgeon Insurance Agency is willing to help you. We offer reliable flood insurance products to the residents of Texas for a reasonable price. Get a free flood insurance quote from us now and talk to one of our agents. Call us at (409) 945-4746 or visit us today.