Hankin & Hankin

Hankin & Hankin We are a boutique law firm specializing in Real Estate, Lending and Litigation in the Sarasota, Bradenton and Lakewood Ranch areas.
(6)

Operating as usual

One “Box” Does not Fit All- Insurance Binding SuspensionsFlorida’s amazing weather and beautiful beaches bring tourists ...
11/11/2020

One “Box” Does not Fit All- Insurance Binding Suspensions

Florida’s amazing weather and beautiful beaches bring tourists and new residents alike. However, at times our tropical oasis is threatened and possibly impacted by tropical storms and hurricanes. When a tropical storm or hurricane threatens Florida, insurance companies can suspend the binding of new policies. So, during hurricane season, which runs from June 1 through November 30, it is wise to bind your insurance as early as possible when purchasing a new home.

Each insurance company has its own rules as to when it will suspend the binding of insurance coverage. Some rely on a box method, meaning they draw a box around and beyond the borders of Florida and if a tropical storm or hurricane enters the predetermined box, they suspend coverage. Companies can create their own box borders, so one box does not fit all insurance companies. An example of a storm box from one insurance company can be found at:
https://www.thig.com/assets/documents/Hurricane-Map.pdf

Other companies such as Citizen’s, Florida’s largest Hurricane insurer, utilize a rule that relies on the warnings and watches issued by the National Weather Service when suspending the binding of insurance. Citizen’s requires that, “No application for new coverage or endorsement for increased coverage may be bound, written or issued, or monies received, regardless of effective date, when a tropical storm or hurricane watch or warning has been issued by the National Weather Service for any part of the State of Florida.”

You can check the status of any binding suspensions by Citizen’s by following this link. https://www.citizensfla.com/binding-alerts

Should a buyer be unable to bind their insurance due to a named storm the current version of the FAR BAR Residential contracts provides for an extension of the Closing Date in Paragraph 5 and Standard G.

Happy National Dog Day!
08/27/2020

Happy National Dog Day!

One “Box” Does not Fit All- Insurance Binding SuspensionsFlorida’s amazing weather and beautiful beaches bring tourists ...
07/30/2020

One “Box” Does not Fit All- Insurance Binding Suspensions

Florida’s amazing weather and beautiful beaches bring tourists and new residents alike. However, at times our tropical oasis is threatened and possibly impacted by tropical storms and hurricanes. When a tropical storm or hurricane threatens Florida, insurance companies can suspend the binding of new policies. So, during hurricane season, which runs from June 1 through November 30, it is wise to bind your insurance as early as possible when purchasing a new home.

Each insurance company has its own rules as to when it will suspend the binding of insurance coverage. Some rely on a box method, meaning they draw a box around and beyond the borders of Florida and if a tropical storm or hurricane enters the predetermined box, they suspend coverage. Companies can create their own box borders, so one box does not fit all insurance companies. An example of a storm box from one insurance company can be found at:https://www.thig.com/assets/documents/Hurricane-Map.pdf

Other companies such as Citizen’s, Florida’s largest Hurricane insurer, utilize a rule that relies on the warnings and watches issued by the National Weather Service when suspending the binding of insurance. Citizen’s requires that, “No application for new coverage or endorsement for increased coverage may be bound, written or issued, or monies received, regardless of effective date, when a tropical storm or hurricane watch or warning has been issued by the National Weather Service for any part of the State of Florida.”

You can check the status of any binding suspensions by Citizen’s by following this link. https://www.citizensfla.com/binding-alerts

In order to avoid issues on closing day new homes buyers should bind their insurance as soon as possible, especially during hurricane season. Should a buyer be unable to bind their insurance due to a named storm the FAR BAR Residential Contracts would likely provide for an extension, but with a little planning ahead closing days can go smoothly, even in stormy weather.

Hankin & Hankin
07/01/2020

Hankin & Hankin

Hankin & Hankin was honored to be a presenting sponsor at the Wobbly Feet 6th Annual Green for Genes Golf Tournament. Go...
11/21/2017

Hankin & Hankin was honored to be a presenting sponsor at the Wobbly Feet 6th Annual Green for Genes Golf Tournament. Go Team Connor!!

Hankin & Hankin
11/07/2016

Hankin & Hankin

Hankin & Hankin's cover photo
11/07/2016

Hankin & Hankin's cover photo

Address

100 Wallace Avenue, Suite 100
Sarasota, FL
34237

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

(941) 957-0080

Alerts

Be the first to know and let us send you an email when Hankin & Hankin posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Hankin & Hankin:

Nearby law practices


Other Lawyers & Law Firms in Sarasota

Show All

Comments

Michael Hankin and his staff are very professional and always a pleasure to work with in any type of transaction. I would highly recommend them.