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If you have property in a coastal area thats prone to hurricanes, you can get a quote for a flood insurance policy. New flood insurance policies typically have a 30-day waiting period before they go into effect.
Shop around. If both options are available to you, try to get quotes from both the NFIP and private insurers. (An agent or broker can help.) Note that all of the NFIPs partner companies offer the same flood insurance coverage and maximum payouts, so you dont need to shop around with multiple FEMA-approved providers.
In most cases, an existing flood insurance policy transfers to the new owner with no lapse in coverage. If you are a renter and receive federal disaster assistance for flood-damaged personal property, you must maintain flood insurance coverage for as long as you live at the flood-damaged rental property.
Flood insurance is available through USAA via the NFIP, which is underwritten by the Federal Emergency Management Agency (FEMA). There is usually a 30-day waiting period from the date of purchase before the policy goes into effect. So dont wait until disaster looms to buy coverage.
Yes, flood insurance policies through the National Flood Insurance Program, FEMAs federally backed flood insurance, can be transferred from the initial property owner to the new one. Its usually referred to as assuming or assigning a flood policy.