Home owners insurance during a catastrophe? (loan, new home, purchase)

[SeekingWarmth211]

Does anybody know if you can apply for home owners insurance during a catastrophic event if you are currently uninsured?

[Oobie119]

No, especially during hurricane season. It is much more difficult to get insurance once the season starts. Most companies do not do new policies..from what I understand. We had to get our insurance quickly, as we were purchasing our home right before June.

As far as other events, I'm not quite sure how it would work--

[sware2cod]

There is some kind of rule in place where if there is a stormrm)(hurricane, tropical sto in place or storm anticipated in X hours, that no new policies can be written. This often delays sales/closings until the storm passes.

[SeekingWarmth211]

Great! I may be homeless soon if these wildfires keep burning

[d4g4m]

Answer to question is - NO. And I believe if you want flood insurance, there is a 30 day wait for coverage to take effect from the day you get the policy.

[sware2cod]

call an insurance agent to be sure. what if we are wrong on this board and you were able to get something. I really don't have a clue how it works with wildfires.

[loves2read]

We just bought house---closed May 21. Took flood ins through the same company we got general home coverage---Tower Hill. Those two policies funded through draft on our bank that day or the next. The Citizens policy for wind/ hurricane failed to fund and we and our agent did not catch the lapse. Got a letter last Saturday from them saying policy was void because of non- payment. Ww were very unhappy but Monday our agent wrote it up and we had to sign new documents. This time my husband checked daily and it was finally funded Wednesday. We were afraid they would delay because of the tropical storm threat, but looks like it went through.

You need an agent to tell you what is possible--- but flood ins does have 30 day waiting period from what ours said.

[TamRE]

The Flood Smart web site has a lot of information that may be helpful to you when purchasing homeowner insurance. www.floodsmart.gov

Floodsmart | Understanding The Basics | Flood Insurance | Flood Damage
There is typically a 30-day waiting period from date of purchase before a new flood policy goes into effect. Here are the only exceptions:

• If flood insurance is being purchased in connection with the making, increasing, extending or renewing of your loan.
• If a building has been newly designated in the SFHA and flood insurance is being purchased within the 13-month period following a map revision.
• If flood insurance is required as a result of a lender determining that a loan that does not have flood insurance coverage should be protected by flood insurance.
• If an additional amount of insurance is selected as an option on the renewal bill.

[Sunshine Rules]

In Florida the insurance companies will not underwrite new homeowner (hazzard) policies or increase coverage while a tropical storm or hurricane is within a specific grid in proximity to the state of FL. That underwriting suspension will last until the storm is no longer a threat to our state.


This is from the Citizens insurance web site:
No application for new coverage or endorsement for increased coverage may be bound, written or issued, or monies received, regardless of effective date, when a Tropical Storm or Hurricane Watch or Warning has been issued by the National Weather Service for any part of the State of Florida.


In regard to other types of catastrophies, your insurance agent would be the best source of more specific information.