P&CNationalhard
A homeowner buys an NFIP Standard Flood Insurance Policy mid-policy-year (not at loan closing). Which of the following is the STANDARD federal waiting period before coverage attaches, and what is a recognized statutory exception?
A15 days; an exception applies when the property sits in a CRS-discounted participating community with a verified rating
30 days; an exception applies when the policy is purchased in connection with making, increasing, or renewing a loan
C60 days; an exception applies only after a presidentially declared major disaster designation
DNo waiting period at all; coverage attaches at 12:01 a.m. following the date of application
Why this is the answer
The NFIP imposes a 30-day waiting period between application/premium payment and effective date for most new SFIP purchases. Recognized exceptions: (1) policy purchased in connection with making, increasing, extending, or renewing a loan (effective at closing, no waiting period), (2) post-map-change first-time purchase within 13 months of the map revision creating SFHA designation, (3) post-wildfire on federal land scenario (NFIP 42 USC §4013(c); 44 CFR 61.11).
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