If you are, you are still eligible for flood insurance. In fact, in some cases, you may be required by law to have flood insurance. If your building is located in a flood zone that begins with the letter A or V, you are in a Special Flood Hazard Area. Buy as much flood coverage as you can. It pays the amount needed to repair or replace most of the building elements up to the policy limits, without deduction for depreciation, once repairs are made.
Coverage is effective immediately, as long as the premium is presented at or prior to loan closing.
There is no waiting period when flood insurance is required as a result of a lender determining that a loan which does not have flood insurance should be protected by flood insurance. Coverage is effective immediately, as long as the premium is presented at the completion of a loan application. There is a one-day waiting period when an additional amount of insurance is required as a result of a map revision. The increased amount of coverage will be available 24-hours after the amount of coverage is applied for and the additional premium is made. Flood insurance is required by law in some instances.