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Will flood insurance delay my closing?

Enter your closing date and get a dated plan for your flood insurance, so the keys change hands on time.

1. When is your closing?
2. Is the home in a high risk flood zone?
3. Where are you with flood insurance?
4. Which kind of policy?

Does flood insurance delay closings?

It can, when it is left to the last week. The lender needs proof of a flood policy before closing, and quotes, payment and paperwork all take time. Starting early is the whole fix.

How long does a flood policy take to start?

Most federal flood policies have a 30 day wait, but a policy bought with a loan closing can start at closing, and the premium can be paid at closing. Private policies usually start in 3 to 15 days, and many require the first year paid up front.

What does the lender need?

Usually the policy declarations page or a binder showing the building coverage, the deductible and the lender listed on the policy. Ask your loan officer exactly what they need and by when.

Questions about flood insurance and closing

Can I pay for flood insurance at closing?

For a federal flood policy, yes, the premium can be paid at closing. Many private policies require the first year paid up front, so plan for that cash.

Is there a waiting period when I buy a home?

A federal policy bought with a loan closing can start at closing. Private policies usually wait 3 to 15 days, so ask whether yours can start on your closing date.

What if my closing is next week?

Call us at 205-451-4294 today. There is still usually time, but every day matters.