In fact, the Morganza Spillway actually flows into a Floodway then that spills over into the "Spillway" which causes the flooding.
The 30 day waiting period does not apply to secured loans using your home as security such as a mortgage. Also, you can insure your home for up to $250,000 for the structure and up to $100,000.
You would have to have all of your contents placed inside the NFIP insured structure before the flood event.
This memorandum was in reference to the Morganza Spillway opening May 17, 2011. Once the Spillway is open it is a flood, a flood in progress and it is too late to insure your home at that point.
Please read this document if you do not have flood insurance and own a home in the spillway.
- Morganza Spillway (Wikipedia.Org)
- FEMA Flood Smart exceptions "Is their a 30 day wait period?"
- If you purchase flood insurance in connection with making, increasing, extending or renewing your mortgage loan, there is no waiting period.
- FEMA MEMO: Guidance Related to Flood-in-Progress Exclusion and New Policy Applications June 30, 2011
- "Property owners in the path of Mississippi River flooding are taking out mortgages to beat the 30-day waiting period on insurance" NOLA.Com article AP article.
- Insurance to pay for preparations/damages in spillway flooding, 2011 Morganza Spillway Louisiana Insurance Director realated article. Please be sure to check with your bank for more details.