Are there any exceptions to the waiting period after you purchase flood insurance in Dallas, TX?

Flooding can cause massive damage to your Dallas, TX home and property. Nobody expects a flood, and cleaning up can be difficult and stressful. Unfortunately, many people do not have flood insurance to protect themselves and their families when there is a flood. 

Also, you cannot wait until you see a flood is coming to buy flood insurance. With some exceptions, you cannot use a new flood insurance policy for at least 30 days after purchase. Alloy Insurance Partners can help you understand those exceptions.

Exceptions to the 30-Day Rule

You will not have to wait 30 days under these circumstances:

  • If you purchase flood insurance while you are already in the process of renewing, extending, or creating your mortgage loan, there is no wait.
  • You will not need to wait 30 days if you change flood insurance coverage on your renewal bill.
  • You may be able to get a waiver if the flooding occurred due to flooding after a wildfire. 

There is only a 1-day waiting period if you purchase flood insurance within 30 months of a map update when your home or business is designated to be in a high-risk flood area.

Flood Insurance Terms

Your flood insurance policy will last one year and expire at 12:01 on the last day. However, your coverage will remain in effect for the next 30 days after expiration.

Claims during that lapsed period will be honored as long as you pay the renewal within the grace period.

Protect Your Dallas, TX Home From Flooding

When disaster comes, you want to be ready. Alloy Insurance Partners can help you find a policy to protect you and your family. Call today to compare options.