Dealing with a hurricane headed your way is stressful enough on its own. However, being under contract to either buy or sell a home during these times can add a whole new level of uncertainty. Here are a few tips to help keep everything on track, while maintaining your sanity.
Double Check Your Homeowner’s Insurance Policy
If you’re home is currently listed for sale, or under contract, you’ll want to be sure of what’s covered on your insurance policy, what the deductible is, and if you have replacement coverage. If your home is not yet in the cone of uncertainty, you might consider upping their coverage until the closing date. If your home is within the cone, however, insurance companies will not modify or write new policies.
If you’re under contract to purchase a home, your lender will require you to obtain a homeowner’s insurance policy prior to closing. Insurers will not write a new policy for any home within the cone of uncertainty. If your new home is within that area, talk with your insurance provider about the best options.
Talk To Your Realtor®
Under contract to buy a home within the cone of uncertainty? Your Realtor® should be in good contact with the listing agent and seller. Ask your Realtor® for an update on what is being done to protect your future home from wind, water and projectile damage.
After the storm, ask your Realtor® for an update on home’s condition. You can even schedule a showing to check it out yourself. Any damage should be well documented and photographed. According to the ‘Florida Residential Contract for Sale and Purchase,’ the seller has a certain amount of time to repair any damage, even if that means extending the closing date. If not repaired within this time frame, the buyer may terminate the contract.
Get Prepared, Stay Safe & Wait It Out
By far the most important step: keep yourself and your family safe. Everything else will fall into place. Between your Realtor®, lender, title company and insurance company, your home purchase or sale will be in safe hands. So, go get some water, stock up on food, batten down the hatches and crack into a bottle of wine. It’ll all be alright.
