Are there any exceptions to the waiting period after purchasing flood insurance?

There are many properties in Richardson, TX, that have a higher-than-average risk of flooding within the next 30 years. If you live in the area, you may be considering whether you should get flood insurance. Collum Insurance Group LLC can help you evaluate your risk and compare policies, so you can make an informed decision.

You Have To Wait Up To 30 Days Before Using Flood Insurance

No matter what kind of flood insurance you buy, there is usually a waiting period. Federal policies normally make you wait for 30 days, while the waiting period for a private policy is usually about two weeks.  

That means that you cannot wait until you see a storm coming or until there is actually a flood before you purchase flood insurance. There are some exceptions to this rule.

Exceptions To the Waiting Period

 There are some exceptions to the waiting period. You can have the waiting period waived if:

  • If you purchase flood insurance to meet the requirements of a loan or mortgage, you will not need to wait. There are some lenders who require flood insurance because an area is considered at higher risk. 
  • If you add to or extend your flood insurance because of a lender requirement.
  • A reassessment of your home’s location puts your home into a higher risk zone.
  • Damage from wildfires can increase flood risks. If your home is on land recently damaged by wildfires, you can waive the waiting period.

Call To Discuss Your Options

If you live in Richarson, TX, you may end up experiencing a flood. If you would like to discuss your options or if you have any questions about flood insurance, please feel free to call Collum Insurance Group LLC today.