Homebuyers, real estate agents, and mortgage lenders in the Mid-Atlantic be advised.
We are starting to receive calls from our insurance agency partners that a temporary policy issuance moratorium may be coming.
The National Weather Service has declared that Joaquin has strengthened into a hurricane on track to strike near the Mid-Atlantic coast sometime in the early morning of Monday, October 5.
This means that some insurance carriers could stop quoting and binding policies until the storm passes and up to 72 hours afterward.
What to do now
If you have a loan closing in the next 7-10 days you should contact your insurance provider immediately to bind coverage as soon as possible.
If you are stuck without insurance and don’t know what to do, call us NOW at 1-844-COMPARE (844-266-7273) or 757-333-0716.
You should contact someone whether or not the storm is predicted to hit your state as events in neighboring states can trigger moratoriums where you live.
What is an insurance policy moratorium?
Sometimes insurance carriers will stop quoting and issuing new policies during periods of elevated risk. One reason for a moratorium is a named storm like a hurricane.
Moratoriums for named storms can occur during Warning and Watch periods and last up to 72 hours after the storm passes. Moratoriums can be triggered by events in neighboring states. That means a storm striking Maryland or North Carolina could trigger a moratorium in Virginia.
At COMPARITY our mission is to simplify insurance and that includes keeping our customers and partners informed.