If you’d like to purchase flood insurance for your new home in the Charlotte area, you should know that there’s normally a 30-day waiting period from when you purchase it until it goes into effect. The reason for this is that some people could just wait until days before a major storm event is headed their way to buy flood insurance.
Contrary to many people’s belief, you can’t actually buy flood insurance right from the National Flood Insurance Program (NFIP). You have to go through an insurance agent. If your homeowner’s insurance provider doesn’t offer flood insurance, you can use NFIP as a referral system. Simply contact the NFIP Referral Call Center at 1-800-427-466. Then, request a referral to an insurance agent that will sell you flood insurance.
Keep in mind, if your North Carolina home is in one of the newly designated high-risk Special Flood Hazard Area (SFHA) and you get flood insurance coverage within the 13-month period following a map revision, the waiting period is only one day. Also, if you buy flood insurance while getting a new mortgage or renewing or extending your current mortgage, there is no waiting period. Generally, if you get flood insurance as an option when your insurance is renewing, there is also no waiting period.
Lastly, when you purchase flood insurance on your new home, remember that you should opt for coverage of the contents and the structure to be fully protected!
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