30 day waiting period for flood insurance policies

Compliance > Lending > Flood

Q. Does the 30 day waiting period apply to flood insurance policies obtained for a loan made by a financial institution?

A. No.  The 30 day waiting period does not apply to insurance that is obtained as part of a loan, including 1) making, increasing, renewing or extending a loan, 2) when insurance is required during the term of the loan, and 3) when a condo association gets an RCBAP.  Also, the 30 day waiting period does not apply to contents coverage when the contents are security for a loan. 

These exceptions to the 30 day waiting period can be found on pages GR-8 through GR-10 in the FEMA NFIP Insurance Manual at
http://www.fema.gov/pdf/nfip/manual201105/content/03_generalrules.pdf.

Add Feedback