Thread Starter: trail hiker
Title: Re: Flood Insurance - Not issued during hurricane
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Per the Mandatory Purchase of Flood Insurance Guidelines the 30 day waiting period is for coverage under a new contract for flood insurance and any modification to an existing flood insurance contract. This was specifically to prevent purchase of flood insurance at times of imminent flood loss. The exclusion to the 30 day waiting period is for initial purchase of flood insurance. Your situation involves an existing policy. However, pursuant to the FIA Policy Issuance #5-98 the FIA interpreted the exception to the 30 days to include refinancing, modification and increased limits at renewal.
Maybe the insurance agent needs to read the interpretation.
FEMA also says to refer to the FIA Policy Issuance for detail.
Another consideration - is the property in a coastal barrier aarea and subject to those restrictions?
My opinions are my own ant cannot be taken for legal advice.
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