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New homeowner's insurance during a storm

READ MORE: New homeowner's insurance during a storm
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Oil prices settled slightly lower today, down 36 cents to settle at $109.35 a barrel. While the threat of a hurricane may have people concerned about possible danger to their homes, Hanna is already causing problems for others who don't even own their home yet. Whenever a hurricane gets close to our state, those preparing to close on a purchase of a new home may have to wait. Closing dates are delayed for several of Mary Jo Miller’s clients. "My clients are disheartened and they are first time home buyers and the fact that they can't get into their new home on Thursday,” said Century 21 realtor Mary Jo Miller. Many home buyers don't get homeowners insurance until closing, and with the threat of a hurricane, many insurance companies are not issuing coverage. Miller stated, "Insurance carriers are definitely a lot more cautious about wanting to insure properties A, not only in hurricane prone areas, but B when a hurricane is pending to head your direction." The North Carolina Joint Underwriting Association has created a map that many insurance companies use as a guide in deciding when to stop issuing home owners insurance. If a hurricane is within a box on the map, they won't write new policies. That can lead to all kinds of problems. “They potentially could have 2 moving vans full of furniture stalled here without being able to move into a house that they've planned to move into. The obstacles could be many,” said Miller. The hurricane insurance restrictions change from hour to hour, with the movement and status of a storm. It is important to note each insurance company has their own restrictions when a hurricane is near. To find out specifics, you will want to call your insurance company.

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