When is flood insurance required?
It is important that you understand your mortgage agreement and what is required before you buy or refinance your home.
If flood insurance is purchased before or on the closing date of the purchase or refinance, there is no waiting period for your flood insurance policy to take effect. Otherwise, a standard 30-day waiting period is required before the policy becomes effective.
The NFIP provides flood insurance, but several companies administer and manage the program. We recommend that homeowners purchase their home and flood policies from the same company, if possible. That way, if there is a claim involving both policies, you have a better chance of dealing with only 1 claims adjuster.