Flood policies are unlike car or homeowners insurance policies, where you can buy a policy and then sit back and relax. Flood insurance policies are more like an umbrella — you need to keep it close by and be ready to use it at a moment’s notice.

You will need to purchase the policy before your current policy expires. If you are looking to buy flood insurance for your home, it can take up to 60 days before the policy goes into effect. For inquiries, contact Heydari Financial Group in Houston, TX.

How to Go About a Flood Insurance Policy

Before acquiring flood insurance, you must go through the application process, where you give the needed documents. Even if you have the best risk profile and are insuring a brand new home, your policy isn’t guaranteed for approval.

If you want to change the terms of your policy, you must let your insurer know 30 days before your policy expires. Most flood insurance policies last for 12 months. However, you can purchase policies that last up to 36 months. If you’re interested in purchasing flood insurance, it’s important to know that it doesn’t go into effect immediately.

Flood insurance requires a waiting period before it kicks in, and most policies have a clause that states they won’t cover flood-related damages. The waiting period for flood insurance is usually 10 to 15 days, but it can be as long as 30 days, depending on the provider. During that time, you have coverage through the Standard Flood Policy, which is provided through the National Flood Insurance Program (NFIP).

Bottom Line

Flood insurance policies are usually issued with a 20–30 day waiting period. You can maintain coverage through a private insurer or purchase a flood policy during this time. Most flood policies require homeowners or insurance coverage on your property for at least six months before the policy goes into effect. For help in Houston, TX, reach out to Heydari Financial Group.