Seems backwards, right?! Florida’s insurance market sits in a weird place during Hurricane season. With many people moving here all year round, it may be hard to keep track of what’s happening outside. For those looking to get homeowners insurance in the latter half of the year, specifically June 1 through November 30, be prepared for a bit of extra barriers that could limit or prohibit the amount of coverage you need to purchase.
There is a big rule in the Sunshine State. Many, if not all Insurance companies can prohibit buyers from increasing existing policy limits or purchasing new insurance policies if a natural disaster is on the horizon. Of course, these natural disasters include tropical storms or hurricanes! What’s worse is that our hurricane season already takes up half of the year, but the last few years have added closures due to disturbances that were considered “off-season storms.” Always remember, if a hurricane watch is issued 24 to 48 hours before the hurricane is expected to make landfall, buying extra insurance or new insurance for your home may be impossible until the storm is passed.
One of the best things a new or existing Florida homeowner can do is research about their area and determine what policies, or extra coverage they will need if a storm strikes. While many people choose to live near the coast, remember that Florida is prone to flooding in just about every area. Great news is that we have information about both flood insurance and CBRA zones in some easy-to-follow “Ask an Expert” series videos! Check them out!
Should you purchase extra insurance during Hurricane Season?
One insurance policy may not be enough coverage for the different types of damage that can happen to your home after a hurricane. Trying to purchase extra insurance during hurricane season may be unpredictable due to the nature of hurricane frequency. It’s best to have your policies in place and review them with your Agent regularly so you are not scrambling before a storm. If you are purchasing a new property, work closely with your Realtor and Insurance Agent to get a new policy in place as soon as it’s acceptable.
Since homeowners insurance does not typically include flood insurance, there is not currently a one-policy solution. It is a good idea to purchase the insurance you need to protect your home in advance of the hurricane season, if possible. Flood insurance, which is issued by the federal government’s National Flood Insurance Program, usually institutes a 30-day waiting period on any new policy they issue. Other private markets could have 7-10 day waiting periods.
Moratoriums for new policies.
Moratoriums, also known as binding prohibitions, are issued by insurance companies for certain high-risk areas. During Florida’s hurricane season, insurance companies wait until 24 to 48 hours before the impact (or the touchdown of a storm) to issue a moratorium on buying new policies. With updated technology and news reporting, Moratoriums have been instituted earlier and earlier in recent years. Moratoriums can remain in effect until 24 to 78 hours after the storm has passed. We always advise to speak to an agent or stop into our office for a quick and easy explanation on moratoriums.
What to do after a storm is over?
If your property has sustained damage from a tropical storm or hurricane, there are some actions you can take once the storm is over, including:
- Documenting all damage: Before beginning to get your home straight, take photographs or a video of your home to illustrate the extent of the storm damage. It can be helpful to take before-and-after pictures to help build a stronger claim.
- Documenting your expenses: Try and keep receipts of any expenses you incurred before, during, and after a tropical storm or hurricane.
- Updating your insurance coverage: While the season is dwindling down, determine if your current policies are enough to cover all your losses. If not, purchase extra insurance before the next hurricane watch or warning is issued later in the season. While the initial investment may be something you did not expect to make, it will help you when bigger storms are moving in.
We always want to make sure you are insured, and have all the information to secure your house during any natural disaster!
Did you know we have a Harris Hurricane Handbook?
You can get your copy of the 2021 Harris Insurance Hurricane handbook now! Our FREE guide will help you through the season, and gives you a wealth of resources that will help you make the best decisions to keep you, your family, and your property safe. It will come in handy!
Stay safe for the remainder of Florida’s Hurricane Season. As always, please let our licensed Agents know how we can assist you with your Florida insurance needs. Call us at 850.244.2111, email at service@harrisinsurance.com, or request your quote here.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
