Can I just wait until it starts raining to buy Flood Insurance coverage?
Not if you want to be covered. Under most circumstances you’ve got to wait 30 days from the time the premium and application are received to be covered. So you can buy the coverage when it starts raining, but it won’t protect you until 30 days later. The only way to circumvent the 30-day waiting period is if your community has revised its flood map within the last year or this is your first purchase and it is required by a lending institution to close a loan.
