Flooding accounts for 90% of all Presidential declared disasters in the United States. Texas is no different as we have multiple ways for your home or business to be flooded. We have hurricanes that dump feet of water, flash floods that make dry creek beds rivers capable of carving the Grand Canyon, and lakes that that simply collect too much water. Given that the probability of a disaster, some Texans put off getting coverage for all sorts of reasons. They generally think that they can get it later, and they can. But that can also create problems since you will have to wait 30 days from purchase and payment for the policy to actually be in force if you are purchasing a policy through the National Flood Insurance Program (NFIP).
Wait! What's this 30 day stuff?
If you go buy a flood policy for your home today, the reality is that it will have a waiting period for you to be able to use the coverage it provides with a few exceptions. This is the product of a phenomenon known in the insurance industry as "anti-selection". This is to say, if you are purchasing flood insurance today for the first time, you are likely doing so because you know that you are going to make a claim. For example, you've never had it before but you know that a hurricane is headed for the Texas Gulf Coast later this week that will likely flood your home. This provision keeps you from buying it right before and then cancelling right after in an attempt to "game the system".
Now most level headed Texans can understand that, even though they may not like it. But the question becomes, is there a way around this? What if I just bought my house and didn't have 30 days to purchase it ahead of time. We have good news!
There Are Exceptions
First and foremost, if you are buying a home and the lender is requiring to have flood insurance there is no waiting period. After that, the next big area that we see this time frame waived is if your home has been remapped into a special flood zone area. Beyond those two, there are some other exemptions to the waiting period. But they are unlikely to be in play. If you are wanting to shorten that window, your other option is to go into the Private Flood Market as some of the companies will shorten the wait period to 10 or 14 days.
Finding the options that you need for Texas Flood Insurance is best handled by a local independent insurance agent. They have an understanding of the things that are uniquely in play in Texas while also being able to give you options to get things done the right way. If you would like to speak to an agent at Insurance For Texans, just click the button below to start that process.
