If you are planning to buy home in Florida during Hurricane Season (June 1st to November 30th), there is one very important thing you should remember.

If hurricane gets close to Florida (actually it does not have to be very close- view picture below), and it reaches “box”, you will not be able to secure homeowner’s insurance on your future house. Even if hurricane’s path is nowhere near the city where you are purchasing, you are out of luck. And unfortunately this most likely won’t be “one day” setback.  So be prepared, secure your insurance as soon as possible...and be safe.

One of the hardest hit industries as it relates to tropical cyclones is the insurance industry. Take for example Hurricane Michael which made landfall as a category five storm in 2018. When Hurricane Michael made landfall in the Florida panhandle it had sustained winds of 160-mph, caused over 25-billion in property damage and claimed the lives of over 70-people.

The insurance industry had to come up with a way to help mitigate their loss from property owners who were waiting until a storm had formed and was on the way to get insurance. Their solution was the “no bind” box.

Whenever a tropical storm or hurricane watch or warning is issued within the no-bind box (indicated by the red line in the map below), the state’s Citizens Property Insurance Corporation will not accept any applications for new coverage or any endorsements for increased coverage, regardless of the effective date. Most private insurance companies also follow the same policy, however, there are some that make exceptions.

With homeowners insurance being required for the vast majority of financed real estate closings, it is important to secure your new home insurance as soon as you have an executed contract!