John's Florida Real Estate Blog

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Citizens Property Insurance Suspends New Underwriting Due to TS Isaac

Insurance Policy - JTEBe aware that due to the close proximity of Tropical Storm Isaac, which could soon become a hurricane, Citzens Property Insurance Corporation, the state run insurance company, has suspended writing new homeowners policies. Most other companies will follow-suit due to the high risk of damage occurring because of the storm. This is normal in our state. So if you don't already have your policy in place, you will likely have to wait until all threat to the state has passed. Call your insurance agent for more information.

If you are buying a home here, you should note that real estate professionals in Florida use contracts that take into account the possiblity of a storm interrupting insurance underwriting. Normally, our contracts give you the right to delay your closing until the companies are again writing policies. See your contract and speak with your real estate agent.

The last thing you want to do is buy a home just as a hurricane hits when you have no insurance coverage. If you are financing your purchase, your bank will also refuse to "fund the loan" without proof of insurance. It is the people paying cash and doing "for sale by owner" transactions that often get caught. I have heard a few horror stories. Don't be one of them!

So get the facts. Speak with your real estate professional and your insurance agent to make sure that you are not at risk.

If you would like to check out the Citizens Insurance homepage, click on the following link: Citizens Insurance

Posted by JOHN ELWELL - REALTOR at CENTURY 21 Bill Nye Realty, Inc.  813-783-4444. Licensed in Florida.

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 1 commentJohn Elwell • August 25 2012 03:55PM

Comments

Hope you don't get any major impact for Isaac. Stay safe out there!

Posted by Doug Rogers, Your Alexandria Louisiana Agent (Bayou Properties) about 7 years ago

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