Last week we were working on a few FEMA Elevation Certificates and fielding calls and questions about flood zones, so I wrote FEMA Flood Zone Designations Defined. In researching for that article, I came across FEMA produced videos of last spring’s historic floods in Rhode Island (see below).
Also, in looking at the requirements for purchasing Flood Insurance, I was reminded of one very important fact when purchasing a new Flood Insurance Policy.
What is the Waiting Period for New Flood Insurance Policies to Take Effect?
You may be surprised to learn that if you purchase a new Flood Insurance policy, you might not be covered immediately. In fact, you likely won’t be covered for flood damages under your new Flood Insurance Policy for the first month, as there’s a 30-day waiting period for new Flood Insurance policies to take effect.
There are a few exceptions:
30-Day Waiting Period
There is typically a 30-day waiting period from date of purchase before a new flood policy goes into effect. Here are the only exceptions:
- If your lender requires flood insurance in connection with the making, increasing, extending, or renewing of your loan.
- If an additional amount of insurance is required as a result of a map revision.
- If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
- If an additional amount of insurance is being obtained in connection with the renewal of a policy.
What Does the 30-Day Waiting Period for New Flood Insurance Policies Mean For You?
After this snowy winter and with the imminent spring thaw and snow melt, will you be prepared for floods like we had last year in RI? Rather than waiting until it’s too late, please contact us to start the process of protecting your property by purchasing Flood insurance. If you live in a Special Flood Hazard Area (SFHA) or high-risk area, the first step is to obtain a FEMA Elevation Certificate.
Special Flood Hazard Area (SFHA) includes Zones A, AO, AH, A1-30, AE, A99, AR, AR/A1-30, AR/AE, AR/AO, AR/AH, AR/A, VO, V1-30, VE, and V. However, even if where you live is outside of a SFHA, you still should consider purchasing Flood Insurance because according to FEMA, almost 25 percent of all flood insurance claims come from low to moderate risk areas (Zones B, C , X, Shaded X, or Undetermined-risk areas D). You can read this FEMA article to learn about Flood Insurance: Top 10 Things Every Homeowner Should Know.
In March of 2010 the state of Rhode Island experienced a flood of historic proportions. On March 31st, FEMA Deputy Federal Coordinator Craig Gilbert viewed the destruction caused by the flood during a helicopter flight provided by the Coast Guard
While we are surveying and preparing your FEMA Elevation Certificate, you can use this link to find RI flood insurance agents.
Purchase a FEMA Elevation Certificate
Foster Survey Company is a Rhode Island Professional Land Surveying Company established in March of 1993. We are Registered Licensed RI Professional Land Surveyors serving all of Rhode Island. Our core beliefs are to provide superior professional land surveying services that will benefit you with: Value, Experience, and Quality!