There are many wonderful goodies that come in boxes, to name a few: chocolates (especially chocolate covered cherries), smoked paprika, new computers, anything from Nordstroms – stop me if I break into a version of “my favorite things, but there is one thing you don’t want in the box, and that’s a hurricane!
Those of you up north may have no idea what I’m talking about, but if you’ve lived in or even visited Florida from June through Nov., you may have heard about the infamous “box,” that box which will not allow you to close on your closing date if you have not bound your insurance.
Alright, just where is this box? you ask.
Well, it’s sort of a metaphorical box, rather than a geographical one, but for argument sake, let’s just say it’s somewhere in the Bermuda triangle – sounds more exciting that way, doesn’t it!
Anyway, if there is a hurricane “in that box” (which is just some insurance algorithm determining the location of the storm and its proximity to your property divided by the square root of time minus the price of a one minute advertising spot on the food channel) then you will not be able to bind your insurance and you will not be able to close! (unless, or course, you’re paying cash).
The only silver lining I can see here is that, if the house is blown down, you still won’t own it – my apologies to sellers.
So, what’s the moral of the story? Bind your insurance early – as soon as you get that loan approved, and let’s all “think outside the box.”
Ps. Make sure you get a good insurance agent, one who knows when you want to close, one that will watch when a storm is approaching to make sure you don’t miss your window of opportunity. For suggestions, call us.