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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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