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There is normally a 30 day waiting period before
flood insurance goes into effect, with these exceptions:
There is no waiting period-
-If the initial purchase
of flood insurance is in connection with the making, increasing, extending, or renewing of a loan/mortgage.
-If there
is an existing insurance policy, and an additional amount of flood insurance is required in connection with the making, increasing,
extending or renewing of a loan, such as a second mortgage, home equity loan, or refinancing.
-When flood insurance
is required as a result of a lender's determining a loan that does not have flood coverage should be protected by flood insurance.
Coverage
becomes effective at the time of the loan, provided the application and payment of premium are made prior to the loan closing.
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