What is the waiting period for a policy to take effect under NFIP Flood Insurance?

The waiting period for a National Flood Insurance Program (NFIP) Flood Insurance policy to take effect is 30 days. This mandatory waiting period is designed to ensure that policyholders do not purchase flood insurance just before a flooding event occurs, thereby protecting the integrity of the insurance program. The 30-day waiting period applies to new policies as well as to increases in coverage or adding new coverage options. Understanding this waiting period is crucial for individuals considering flood insurance, especially in areas at high risk for flooding, as it emphasizes the importance of obtaining coverage well in advance of potential flood risks.