You can purchase flood coverage at any time. There is a 30-day waiting period after you've applied and paid the premium before the policy is effective (unfortunately no monthly payments are available), with the following exceptions:

• If the initial purchase of flood insurance is in connection with the making, increasing, extending, or renewing of a loan the coverage becomes effective at the time of the loan, provided application and presentment of the premium is made at or prior to loan closing.
• If the initial purchase of flood insurance is made during the one-year period following the issuance of a revised flood map for a community, there is a one-day waiting period.