Can I Still Get Insurance When a Storm is Coming?

One of the most common questions people have during hurricane season is: "Can I still get insurance for my home when a hurricane is coming?"

Well, it depends.

Insurance companies closely monitor tropical storms and hurricanes, and according to the predicted path of the storm, may issue a temporary moratorium on any new policies being written in certain areas, until the storm either passes, changes direction, or dissipates entirely. This moratorium, called a "binding restriction" also applies to any changes in coverage. So, for example, if you are considering making a change to your policy, like lowering your deductible, or adding additional coverage, you will not be able to do so while one of these binding restrictions is in effect.

Another concern people have during hurricane season is flood insurance. While it certainly can flood any time of the year, the biggest risk does occur during hurricane season. You can buy a flood policy to protect your home from the National Flood Insurance Program at any time, however, there is a 30-day waiting period from the time the policy is purchased until coverage goes into effect, so if you wait until a hurricane is bearing down on us, it will be too late. The only exception to this rule is for a flood policy purchased at the same time you are closing on a new home, in which case it goes into effect immediately.

If you are considering making any changes to your home's coverage, the time to act is now. Binding restrictions can occur without advance notice during hurricane season, and storms can be unpredictable. Don't wait until you can't get the protection you need.