The Box is Active
In Florida, we become storm watchers during Hurricane Season. As the season progresses, we monitor the progression of named storms and warn our buyers accordingly. When the storm gets a name, the insurance underwriters shut down and no policies will be written til the danger passes. I spent the day calling my buyers, reminding them of the upcoming storms and the jeoparady of not closing. Gabe's post says it well
The Box is Active
We're coming up to the peak of the hurricane season. Officially, September 10, for those who care to pin point it. We currently have Tropical Storm Irene as well as a depression behind it (Tropical Depression 10) which may very well be Tropical Storm Joyce by tomorrow. All of us in Florida and our neighbors on both the East and Gulf Coasts need to keep an eye out and prepare should one of these storms start heading in your direction.
If you're in the process of buying a home it is very important to understand that insurance companies will not be issuing policies while there is a storm 'in the box'. This box is a loosely determined area that for all purposes basically means anywhere in the Atlantic or Gulf and a potential threat to the US. So, hopefully if any one has an upcoming closing in the next few days, you've already contacted your insurance company and have a binder ready to be issued when you close. For those who may be in negotiations or just under contract, contact your Insurance company as soon as possible and get them to issue a binder for you so that you can have insurance for your closing.
You will probably need to wait until these storms are gone before you can get a binder. And typically the binder is only good for 30 days. So, plan accordingly. You don't want to miss out on your dream home because you can't get insurance.
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