The 30-day waiting period applies to the RCBAP, unless the condominium association is purchasing flood insurance required by the association’s mortgage company.

So if the association is obtaining the RCBAP (thought they had an RCBAP, but the policy was written incorrectly) but it is the unit owner that is refinancing their mortgage on the unit and using the RCBAP for flood insurance, do we have to hold out the closing for 30-days until the insurance kicks in? Or is the fact that it was purchased and paid for (application/proof of payment) acceptable to close the loan?

Flood insurance has to be effective on the date the loan is made.