Once all the inspections are done and the appraisal has come back in line with the purchase price AAANND the mortgage company doesn’t need yet one more piece of info or that one signature, you know the one; standing on your head while holding hands with your significant other while you both sign in unison? Now we’re down to closing.
In the Gulf states, including Florida, Alabama, Mississippi, Louisiana, and Texas, there is one big familiar act of nature that can mess that closing up: an approaching hurricane. While there are no set laws governing how insurance is issued while named storms are a factor, many insurance companies suspend underwriting during this time. If insurance can’t be obtained, then the mortgage company will not finalize the loan. This is a great reason why one of the first actions of a buyer after a executed contract should be contact with the insurance company. Insurance can be secured in advance for a future close date.
So don’t procrastinate. Get in touch with your provider and get that policy in place so that you can be walking through the door of your new home on the day you have been dreaming about!