No insurance for you........

For buyers who are in contract to purchase a home or those contemplating a purchase, hurricane season sometimes throws a monkey wrench into your otherwise smooth transaction.

Imagine looking at the state of Florida on a map. Now imagine a large box enclosing the entire state and most of the coastal waters. Whenever there is a "named" storm within that box, the insurance agencies in Florida cease to write new policies. Once the named storm has left the box, the insurance agencies will again begin to write new policies AFTER TWO BUSINESS DAYS HAVE ELAPSED!

Let me tell you how this can play out through a real example. In the Summer of 2004, I recall a day where a named storm had passed two business days prior and another was headed into the "box". I was trying to obtain insurance for a client who had an upcoming closing. On this day, the insurance companies were writing policies for exactly 49 minutes! Try getting through to your insurance agent within that small window of opportunity!

The moral of the story is that especially during hurricane season, bind and purchase your insurance immediately. Don't wait for closing day or close to it or you could find yourself stuck in the box.