Hurricane Season and Insurance Coverage

With Hurricane season officially underway, we thought it would be good reminder for those home buyers getting close to closing on their recent Florida purchases to remember two very important homeowner and flood insurance facts:

• If you're going to need flood insurance on your home and haven't gotten it in place yet, you're going to have to wait 30 days for the policy to go into effect. Once the season starts, you are locked out of coverage for a month from the time you apply. The lone exclusion to the 30 day rule, is if you are getting a mortgage and the lender requires flood coverage to close on the loan.
• If you wait till the last minute to get your homeowner's or flood policies and a named storm pops up, you may have to delay your closing until it passes. Most Florida insurers will not write new policies when an active hurricane is swirling around the state.

So, if you anticipate a closing soon, take care of your homeowner and flood insurance needs now and avoid headaches as we move further into this year's season.

For more information, contact us at Gulf Coast Associates or Metro Mortgage Company. 

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