Due to the potential impact of Hurricane Florence, your upcoming closing may be affected. Insurance carriers have become concerned about coverage and damage when a hurricane landfall is predicted. At this point, we recommend buyers contact their homeowners’ insurance agents to determine if coverage is still available this week and their lenders for further information or requirements. Additionally, should your closing involve the sending of documents via overnight delivery, please be aware overnight deliveries may be impacted.
The following message was received this week from Jerry Pilkington of the South Carolina Insurance Brokers concerning a moratorium issued by many insurance carriers.
URGENT NOTICE REGARDING HOMEOWNERS INSURANCE AND SCHEDULED PROPERTY CLOSINGS EFFECTIVE 10 SEPTEMBER UNTIL FURTHER NOTICE
MOST HOMEOWNERS INSURANCE CARRIERS HAVE PLACED A TROPICAL STORM MORATORIUM FOR HOMEOWNERS INSURANCE THUS AFFECTING ANY CLOSINGS THAT MAY TAKE PLACE TODAY -AND UNTIL FURTHER NOTICE
IF YOU HAVE AN ACCORD FORM OR OTHER EVIDENCE OF HOMEOWNERS INSURANCE, FOR ANY PROPERTY THAT IS SCHEDULED TO CLOSE THIS WEEK, YOU MAY WANT TO MAKE A PHONE CALL TO THE ISSUING AGENCY TO CONFIRM AS TO WHETHER OR NOT HOME INSURANCE IS IN EFFECT FOR THE CLOSING. PLEASE DO NOT ASSUME THAT INSURANCE EXISTS EVEN THOUGH YOU MAY HAVE A DEC PAGE IN HAND. IF THE CARRIER HAS PLACED SUCH MORATORIUM – THERE IS ABSOLUTELY NO COVERAGE WHATSOEVER.!!!!!!!!!!!!!!