Insurance & Hurricane Season – What You Need to Know
Up until a few years ago, we were fortunate enough to not have to worry much about hurricanes. However, multiple storms have come through the Savannah area since and it’s beginning to become more of a worry for homeowners and homebuyers alike. I want to make note of a few things I’ve noticed over the years. One thing you should be aware of is your flood insurance policy. Typically, when you initiate a flood insurance policy, there is often a waiting period of around 30 days until the policy goes into effect. Keep that in mind if you’re currently in the middle of a real estate transaction. “The best case scenario is that your closing will be delayed.” Another thing to keep in mind if you’re currently in the process of buying a home and there is a named storm in the area: Most insurance companies have limitations in their ability to write new policies. That can oftentimes delay closings or put a hold on home purchases altogether. Even if the stor...