Hurricane Season

[Double2s]

Big House,

Thank you my friend. Hope you get the best deal in PGI!!!

[SoFLGal]

Another thing many people often don't realize is that when there is a tropical storm or hurricane, insurance companies suspend writing coverage.

All of our closings are delayed because of the hurricane. Judging by the track it looks like it won't blow out of here until Sunday or Monday.

Here's how the rule reads:

There are two ways insurance companies determine when to temporarily suspend issuing new coverage:

1. When the National Hurricane Center issues a tropical storm or hurricane watch or warning.
2. When a tropical storm or hurricane enters a company’s “storm box.”

A storm box is literally a box drawn on a map around a large geographical area. Years ago, companies placed the entire state of Florida inside a box stretching from the Atlantic Ocean to the Gulf of Mexico. That meant that companies would stop writing policies as soon as a storm entered the area within the box.

An obvious shortcoming of this option is that a storm entering one end of the boxed-in area would cause issuance of new policies to cease in the complete opposite end of the box drawn around the state. For example, a storm entering the box east of Key West, would cause not only issuance of policies to be suspended in the southeastern part of Florida, but also as far to the north and west as Pensacola.

That’s why most companies now rely upon the National Hurricane Center’s issuance of a tropical storm or hurricane watch and they suspend writing only in those areas covered by the watch. The watch areas are generally smaller geographical areas, and more precisely cover areas that are most likely to be affected by a storm.
Exception To The Rule

One major exception to this rule is the state-run Citizens Property Insurance Corporation. Citizens, the state’s insurer of last resort, is now the largest hurricane insurer in the state and when a hurricane or tropical storm threatens any part of Florida, it suspends writing throughout the state. Citizens officials have cited the unpredictability of hurricanes and the likelihood that tornadoes could be spawn hundreds of miles away from the area of major impact.

[Double2s]

Big insurance companies,Big oil companies........etc.etc.etc. There's more of them and they all make me nervous for lack of a better term.

[mfreeman623]

Does this also go for renters insurance? Do they have Renters Insurance in Florida? If so is there anything that we should look out for? My husband and son are coming down the end of next week to visit North Port to see if they can find anything. It is a little scary moving right in the middle of the Hurrican season but this is something that we have been waiting for. Are there any places that i should tell them to make sure that they check out while they are down there?
Thank you for all your input.

[SoFLGal]

mfreeman623, it really depends on what you are looking for. Gated, deed restricted, pool-no pool, non-deed restricted.

There are lots of homes out there for rent in North Port. When many of the investors can't sell they opt to rent. Therefore, there is a lot available for rent. You could probably pick up a new home 3/2/2 for around $900 per month. Maybe less if you really shopped around. Probably a little more if you want deed restricted or a pool. Homes with pools or four bedrooms tend to rent quicker so they usually fetch a little higher price.

One of things that you need to watch out for in North Port is the proximity of the home to the interstate. Some of the homes run right along it-not too appealing in my opinion. Another thing is the flood zones-the North Port flood zone runs right along the Myakahatchee River, close to Sumter Blvd and it runs right up through North Port estates.

Yes, Florida has a renters style policy called an HO4 and it covers- contents, liability, hurricane, fire and loss of use. For a $50,000 policy it's about $380 per year. Each insurance company has there own guidelines-for instance Citizens is not currently writing insurance in Florida right now, due to the hurricane but Universal and Olympus are writing.

By the way, I don't sell insurance or do rentals. I just get these type of questions asked so frequently they kind of stick in your brain.

[mfreeman623]

Thank you for your information. I will defintly keep those areas in mind while they are looking. I know the kids want a pool but i would like to wait until we are there a while before getting a house with a pool. My mom lives in Venice and has a really nice pool so they would still be able to swim when they want to. From what i have read North Port has grow up alot since we came down last in 2005. I can't wait to see all the new stuff. My son will love the BMX track and the skate park. If i have anymore questions i will post. Thank you all for your time