Changing your Carrier this Hurricane Season? Think again.

-

hurricane1

Hurricane season is here again! Don't wait until panic sets in when the hurricane arrives to change your insurance carrier. Some insurance policies take up to 30 days to take effect, such as flood policies.  

It is always ideal to secure coverage well before any storms, therefore homeowners will be insured and worry free. It is easy to think that switching carriers during a hurricane is simple, but quite the opposite. Instead of switching carriers and getting a new policy in the hurricane season, STAY with your carrier but make sure to update any renovations that the insurance carrier may not be aware of. 


hurricane2

Binding Prohibitions, or moratoriums, are meant for high-risk areas and are published by insurance companies. Moratoriums are issued by insurance companies 24-48 hours before a hurricane and may stay in effect 24-78 hours after a hurricane has occurred. 

To avoid these concerns, try to set your renewal date for January or February and double check your coverage well before Hurricane season. It is much easier to maintain a renewal, than to try to meet a new carrier’s guidelines. 

Subscribe for future blogs this Hurricane season to read more about Changing your Renewal Date (after Hurricane Season) and Understanding your Hurricane Deductible.


Call us for a Quote

Elementary is focused on helping you increase your savings, raising your deductible, providing you with discounts and applying credit as much as possible. Learn more about Elementary insurance products, or if you’re ready to take the next step, call (813) 212-8505 for a FREE no obligation quote.
Location: 1101 E Cumberland Ave, Tampa, FL 33602, USA

Comments

Post a Comment

Popular posts from this blog

Why Should You Call Your Insurance Agent Before Filing a Claim?

-
Image
If there has been damage done to your property or your possessions that you think could possibly be claimable, be sure to call our agent first. There are many reasons why we at Elementary need to be your first phone call. Some of the reasons are due to specific policy information, communication, and contacts that are available.  Policy Information  We as your agents at Elementary know everything about your policy. Specific coverages and the deductible information as well. How much you pay annually for insurance How much your deductible is - the amount you pay out of pocket before an insurance company will pay a homeowners claim Whether you’ll be covered for the costs of temporary living expenses, if your home is uninhabitable and for how much Amount of time you have to file a homeowners claim after an incident occurs  Communication Needs The Elementary Insurance agency wants to always have open lines of communication with our clients. We can also help you decide whether to file a claim
Read more

Changing your Insurance from a Mortgage? It’s Simple!

-
Image
It is important to state that it is the insured’s right to change their insurance carrier at any time for any reason. For example, changing could save money and reduce mortgage payments.  What is an escrow account? An escrow account is an account where the mortgage lender will keep a small portion of each mortgage payment and use it towards the insured’s homeowners insurance and any property taxes. Mortgage companies require an escrow account to verify there are adequate funds for the payments.  The decision to get an escrow account is up to the mortgage lender and the insured, it will determine if the payments are automatic or if the insured wants to make payments themselves.  If the insured decides to switch insurance carriers, ensure the mortgage company has adequate notice of the insurance change in order to redirect any funds. If the insured switches during a policy term, the prior insurance company will owe for the unused premium, which is sent directly to the insured.  The proc
Read more

South Florida Carriers

-
Image
  Why Are There Limited Insurance Carriers in South Florida? It has been a lingering thought in many people's minds why South Florida has such trouble insuring homes. South Florida includes Broward, Miami- Dade and Palm Beach counties and those counties are known as the TRI- county area.  When seven different carriers reduced their policies in Broward and Miami- Dade throughout the 2017 year, c arriers such as Universal and Citizens had to insure the excess homeowners. In 2018, Universal ended up with over 24,000 additional policies and Citizens accrued more than 5,000 policies. Universal again faced the obstacle of rising reinsurance costs and insurance fraud, when having to cancel or non renew a significant number of policies before the 2021 storm season. Citizens Property Insurance used to be known as a last resort insurance carrier, but now they are the first choice of many homeowners in Miami-Dade and Broward counties.  Other counties that have been denied coverage are Lake, O
Read more