3 Tips for Securing Home Insurance this Hurricane Season

As Hurricane Season begins homeowners and potential new homeowners may be hard pressed to insure homes or modify their coverage during this time. Hurricane season runs from June 1st to November 30th each year, and if a storm (could be a hurricane or tropical storm) is named many insurance companies will suspend binding coverage prior to the storm hitting land, as well as after a storm has hit. In order to prevent the delay of closings use these three tips for Home Insurance during hurricane season.

Encourage buyers to purchase their coverage early.

Purchasing Home Insurance should not be the last thing buyers do before a closing. As soon as a contract is entered home buyers should be getting in touch with an insurance agent to secure their home insurance. There are no laws on how soon an insurance company can suspend service once a storm is named so buyers cannot depend on having ample time to get insured. If a closing is during a suspension period but a home buyer completes their application and has all documents submitted to their agent then coverage will be put in place the date stated on the insurance application. Remember to let buyers know about additional coverage they may need to add during this time that isn’t covered under their standard home insurance. For example flood insurance is generally not included. For more information check out our post about flood insurance.

Connect the mortgage company and insurance agent early in the process.

By connecting these two important parts of the home buying process early you can help your buyer begin the process of insuring their home. Many mortgage lenders require insurance so connecting these two parties will help to avoid delays and to encourage buyers to get coverage early. Insurance agents and lenders will also be more aware of the potential for companies to suspend services surrounding the announcement of a storm.

If a storm is approaching and insurance is not in place encourage your buyer to call an insurance agent as soon as possible.

The likelihood of a closing being delayed increases as a buyer waits to obtain their insurance. Once a storm reaches the Florida coast it may be impossible to access insurance. Imagine you have a buyer who’s closing is the last day of the month. A week prior the news is broadcasting about a storm that may potentially affect the state. Your buyer has received a quote for their home insurance but has not contacted their agent to secure the policy. Insurance companies tend to suspend binding as the storm approaches the state. Since there is no set rule as to when these suspensions are put in place it is best to contact the agent as soon as possible in case the storm does affect the state.

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4 thoughts on “3 Tips for Securing Home Insurance this Hurricane Season

  1. This is some really good information about getting home insurance for the hurricane season. It does seem like a good idea to do what you suggested and get the coverage early. After all, it would probably not be smart to try to get your home covered for a hurricane when it is heading towards your home.

  2. Thank you fro sharing this, I can see that making sure you have insurance before disaster hits can save a lot of trouble. I would want to insure with a company that would take care om me and my property. I can see how a company that cares about you and wants you to be safe can be better than one which o0nly sees you as a number.

  3. I can definitely see why you would want home insurance during a hurricane! I really like what was said in this article purchasing a home insurance policy sooner than later because insurance services might not be available around the time of a hurricane. This makes a lot of sense to me because I am sure that hurricanes become very expensive for insurance companies!

  4. I like that you suggest to buy coverage early. I can see why this would be a smart idea just in case something happens. It could even ask your agent or insurance company how soon you could get it. That way you can prepare the needed paperwork so that you have it ready right then.

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