You can purchase flood coverage at any time. The coverage becomes effective at the time of the loan, provided application and payment of premium is made at or prior to loan closing. In addition, you cannot increase the amount of insurance coverage you have during a loss in progress. Homeowners' insurance policies cover flooding. Unfortunately, many homeowners do not find out until it is too late that their homeowners' policies do not cover flooding.
Flood insurance is only available for homeowners.
Flood insurance is available to protect homes, condominiums, apartments and non-residential buildings including commercial structures. You can't buy flood insurance if your property has been flooded. Even if you live in an area that is not flood-prone, it's advisable to have flood insurance. National Flood Insurance can only be purchased through the NFIP directly. NFIP flood insurance is sold through private insurance companies and agents, and is backed by the Federal government.