WEDNESDAY, JUNE 1, 2022
The subject line are two terms that go hand-in-hand. Moratoriums are a temporary prohibition or pause specifically to taking on new property insurance risks when a tropical threat is bearing down on a geographical area. Moratoriums are set differently by every insurance carrier and company and they can do so at variable times during hurricane season. They can also lift the moratoriums as they see fit and sometimes it's dependent on the possibility of further loss after a storm passes.
That said, if your home or commercial business property policy is up for renewal between today and November 30th, be a little more proactive with your insurance agents. Start discussing your renewal options before a storm is brewing or well before moratoriums are set.
If you have been self-insuring and might be waiting to buy coverage right before a hurricane hits, these moratoriums are put in place specifically for this reason. So, if you think you may need coverage, we would suggest shopping it now. Property coverage in coastal areas isn't something to wait until the last minute to think about.
Posted 7:54 PM
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