Louisiana Flood Insurance applicants should know The National Flood Insurance Program usually requires a 30-day waiting period, after applying and paying the premium, before the flood insurance policy becomes effective. However, there are exceptions:
- There is no waiting period when flood insurance is required by a lender in connection with the making, increasing, extending or renewing of a loan. The policy will be effective at the date of the loan closing, as long as the application has been completed and the premium payment has been made at or before the closing date.
- There is no waiting period when flood insurance is required by a lender after a mortgage portfolio review shows that the building is in a high-risk area. The policy will be effective upon the completion of the application and receipt of the premium payment by the insurer.
- There is a one-day waiting period when a new policy or additional amounts of coverage are required by the lender during the 13-month period following certain map revisions. This applies when the map revision changes the structure’s designation from a non-high-risk area to a high-risk area.
Speak with your flood insurance agent to see if you qualify for one of the exceptions.
If you have flood insurance and need help with your flood insurance claim, contact a Louisiana flood insurance lawyer.