If you have a federally insured mortgage, you will be required to purchase flood insurance. Ask your insurance agent, or check out the Flood Smart website for more information.
There is normally a 30 day waiting period from the time the first premium is paid to the effective date of the flood insurance. However, if your property was not in the Special Flood Hazard Area before the map revision, but it is in this area now, there is only a 1 day waiting period between the payment of the first premium to the effective date of insurance.
In order to qualify for this waiver you must purchase your flood insurance within 13 months of the effective revision date of the DFIRM maps. Check with your insurance agent for more information.