As if there isn’t enough going on with Florida home insurance these days, we are now upon hurricane season. NOAA forecasters have estimated there to be a 65% chance that this year will have “above average” activity, which would make it the seventh consecutive year of unwanted overachievements.
For the 2022 hurricane season, they have forecasted a range of 14 to 21 named storms (winds of 39 mph or higher), of which 6 to 10 could become full blown hurricanes (winds of 74 mph or higher). This includes 3 to 6 major hurricanes (category 3, 4 or 5; with winds of 111 mph or higher).
So what can you do? How can you best prepare and if in the process of a real estate transaction, avoid closing delays or lost deals? We can’t stress enough the importance of starting the insurance process early. This is helpful even outside of hurricane season because underwriting guidelines have tightened up and things can take time like inspections, appraisals, remedying any issues, etc. But the idea of starting early is more important than ever when it’s stormy season. If there is a named storm headed our way or posing as a threat to our area, insurance carriers will begin binding suspensions. This means that any policies in the quoting status cannot be bound… regardless of closing requirements.
Here are a few other quick tips to help you prepare:
- Trim trees and pick up any lawn debris
- Double check the “Other Structures” coverage on your homeowners policy
- Be sure you understand your hurricane deductible, it’s oftentimes different
- Purchase household items, food, and water for an emergency backup kit
- Be prepared to document and mitigate any damage
We are hopeful for an uneventful storm season so we can focus on the positive change we’re seeing with property insurance reform but if you need anything or have questions, we’re here… in all kinds of weather.