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Waiting Period

Home Forums Flood Disaster Protection Act Waiting Period

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  • #32484
    Ginji244
    Participant

    We are closing a loan next week that requires flood insurance coverage. We received the flood insurance application, during our review we noticed that the effective date is 30 days after the date of purchase/closing. I understand there is a 30 day waiting period in most cases but isn’t there an exemption when closing a new loan on a purchase?

    #32487
    rcooper
    Keymaster

    You’re correct there is typically a 30 day waiting period. However, if purchasing flood insurance in connection with making, increasing, extending or renewing a mortgage loan there is not a 30 day waiting period. See this link: https://www.floodsmart.gov/flood-insurance-cost/terms

    #32490
    Ginji244
    Participant

    Thank you Robin, I appreciate the response and especially the link.

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