Tips for Insurance and Binding During Hurricane Season

Real Estate Broker/Owner with Harvest Realty Group, LLC


  • When buying a home ask your insurance agent if you can pay for the insurance prior to closing to avoid any binding issues.
  • Most insurance companies can bind your policy up to 30 days in advance.
  • If you do not close on the purchase of the property, you will get a 100% refund of the prepaid insurance premium so there is no risk in binding early.
  • Once a hurricane is a threat to any part of the state of Florida, many insurance companies will start shutting down their binding authority and you will not be able to close your deal if you don’t have your insurance in place already.
  • Companies are closing zip codes daily. If you get a quote you like, move forward on it. Don’t wait to find out that the company closed that particular zip code and now it is not available.
  • Always remember to mention screen enclosures. Most companies do not automatically cover them. They have to be added on and they are the first thing to go in a hurricane.
  • Communicate, Communicate, Communicate! If you do need to have the insurance premium collected at closing, make sure your insurance agent knows in advance so they can get the insurance bound for you so there is no issue. Do not assume it is done…Communicate with your insurance agent, lender, real estate agent, and title company.

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Darren Copeland
Leader One Financial - Lee's Summit, MO
Darren Copeland

Also remind clients that if they must file an insurance claim with their mortgage company (or cash the claims check,) a broker can help them get in contact and know who to go to so the process moves quickly!

Aug 24, 2011 09:16 AM #1
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Joby Slay

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