June 19th, 2012 9:30 AM by Juan Luis Rodriguez-Kohly
If you are either buying or refinancing a home in South Florida, Hurricane Season is something else that you have to consider in the financing process. It starts on June 1 (every year) and ends on November 30 (every year). This year's just started a few days ago.
Why is this soooo important? One of the requirements to get a mortgage is to have adequate insurance coverage on your property on the day of closing.
Insurance companies have designed an Imaginary Area in the Atlantic Ocean, that once a Storm or Hurricane enters it, they will NOT issue any coverage until the storm exits that area and ceases to represent a danger to South Florida. No Coverage, No mortgage, No closing.
Real Estate Sales-Purchase Agreements, usually contain a Clause allowing for an extension of the Closing Date in those specific cases. If you have any concerns about this matter you should consult your REALTOR and/or your Real Estate Attorney and don't forget your Insurance Agent.
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