If you are looking to purchase flood insurance, you may notice that many flood insurance policies have a 30 day waiting period. Here at LeapFrog Insurance, serving the greater San Antonio, TX area, we have found that many people do not understand what a 30 day waiting period is and why it is in place. Read on to the answers to the questions you may have about a 30 day waiting period for flood insurance.
What Exactly is a 30 Day Waiting Period for Flood Insurance?
A 30 day waiting period means that you have to wait 30 days until your policy is active. If you buy a policy today, and it floods in a week, your policy will not yet be active and you will not be covered.
Why is There a 30 Day Waiting Period for Flood Insurance?
There is a 30 day waiting period for flood insurance to prevent people from buying flood insurance only when the risk of a flood is near. This encourages people to carry flood insurance all the time, not just when a major storm is coming through.
Do All Policies Have a 30 Day Waiting Period for Flood Insurance?
Most policies do have a 30 day waiting period. However, if you have just purchased your home, your policy may waive the 30-day waiting period. If you have owned your home for some time, and this is your first time buying flood insurance, the 30 day waiting period will not typically be waived.
Most home insurance policies do not cover floods. As such, you should purchase a supplemental policy to cover floods. Are you ready to learn more about flood insurance in the greater San Antonio, TX area? Contact LeapFrog Insurance to learn more today.