There’s a 30-day period for flood insurance claims. If you have a private flood insurance policy, you may have some waiting period before it kicks in and covers your property. There’s no waiting period if your policy is through the Federal Flood Insurance Program. 

During this time, you will have to maintain Comprehensive Auto Insurance to cover any potential damages from flooding. For inquiries, visit HBW Insurance Group, an agency serving in Catonsville, MD. 

Know This About the Flood Insurance’s Waiting Period

The waiting period starts when the policy is issued. During this time, the insurer can cancel the policy if it finds that the risk of flooding is too high and the policy cannot be issued. 

This gives the federal government time to review your claim to ensure it’s valid and that you have been honest about your claim. Most flood insurance companies will pay you between 70 and 85 percent of the value of your home within the first 12 months. 

When you acquire insurance via the National Flood Insurance Program, your coverage won’t begin for at least another month after purchasing the policy. During the blackout era, your homeowner’s insurance policy will not pay to repair any damage to your property or valuables caused by floods. 

Waiting periods of anything between 14 and 30 days are standard with most flood insurance plans. The waiting time for private plans is usually around two weeks; however, the National Flood Insurance Program (NFIP) policies, which are marketed via private insurers but insured by the Federal Emergency Management Agency (FEMA), almost invariably have a waiting term of thirty days. 

Changing your policy at or soon before its renewal date is typically the only method to avoid a waiting period. The only way you’d probably be qualified for instant coverage is if your mortgage lender demanded the adjustment or if your property matched specific risk classifications issued by an adjuster. Even then, it’s unlikely that you’d be eligible. 

Parting Remarks 

During the waiting period, you can request a claim review to determine if your property is covered for flood risk. When you purchase a flood insurance policy, there is often a waiting period of anywhere from ten to thirty days before the coverage kicks in. 

The length of this waiting period determines where you receive your coverage. Seek advice in Catonsville, MD by contacting HBW Insurance Group.