Quote:
Originally Posted by jmitchell
I guess it depends on the bank. It wasn't expense, only $355.00/year and covers things like sewers overflowing, water lines breaking and flooding into your house, etc. so I thought it was well worth the $355, but what I was concerned about was not being covered during the height of hurricane/rain season in our brand new home.
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According to information in the link provided by GatorFan:
"As with any other type of insurance, it's important to know what your policy does and doesn't cover. For example, damage caused by a sewer backup is only covered by flood insurance if it's a direct result of flooding. The damage is not covered if the backup is caused by some other problem."
Also, regarding the 30 day waiting period:
"30-Day Waiting Period
'There is typically a 30-day waiting period—from date of purchase—before a new flood policy goes into effect. Here are the only exceptions:
'If your lender requires flood insurance in connection with the making, increasing, extending, or renewing of your loan.
'If an additional amount of insurance is required as a result of a map revision.
'If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
'If an additional amount of insurance is being obtained in connection with the renewal of a policy.' "
http://www.floodsmart.gov/floodsmart...the_basics.jsp