TUESDAY, MAY 7, 2019
What is the waiting period for a flood policy in a X zone to take effect?
Answer:
A 30-day waiting period must pass before most flood policies become active. Some policies, however, start sooner:
•If your building is newly designated in a high-risk Special Flood Hazard Area, and you buy flood insurance within the 13-month period following a map revision: One-day waiting period.
•If you buy flood insurance in connection with making, increasing, extending or renewing your mortgage loan: No waiting period.
•If you select additional insurance as an option on your flood insurance policy renewal bill: No waiting period.
•If your property is affected by flooding on burned federal land, and the policy is purchased within 60 days of the fire-containment: Possible waiver of waiting period.
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