Binding Restrictions

As many of you know, insurance companies will not bind (issue) new homeowners or commercial property policies when there is a Tropical Storm Watch or Warning or Hurricane Watch or Warning. This article from today's Sun-Sentinel discusses this issue and a bit of the effect on real estate transactions. BBB always suggests getting your insurance in place at least 1 week prior to the closing date. This allows you to avoid the problems that can arise from a watch or warning. Once the storm passes, insurance companies begin to open up at different times. BBB already has one company open for business (Universal Property and Casualty) as normal, while other companies may stay closed until the storm completely exits the state.