IMPORTANT INFORMATION about BINDING RESTRICTIONS during a STATE OF EMERGENCY.

In Florida, insurance companies can suspend "binding" (finalizing) new or changed policies a few days before a storm, and can maintain this restriction until after the storm has passed, even for a few days following, when a storm threat becomes a watch or warning. 

Here's a more detailed explanation:

• Suspension of Binding:

  Insurance companies have the authority to temporarily suspend the "binding" of new or changed home insurance policies (meaning they cannot be finalized) a few days before an approaching storm. 

• Reason for Suspension:

  This is done to prevent people from trying to obtain coverage or make changes to existing policies after a storm has become a threat, which would be unfair to other policyholders and could lead to a surge in claims. 

• Duration of Restriction:

  This restriction on obtaining coverage can continue until after the storm has passed, and even for a few days following. 

• State of Emergency:

  Following a declaration of emergency by the Governor and an order by the Insurance Commissioner, insurance companies are prohibited from cancelling a residential property insurance policy until 90 days after damage caused by a hurricane has been repaired. 

• Emergency Order:

  The Commissioner of the Office of Insurance Regulation can issue an Emergency Order pursuant to Sections 252.63, 624.307, 627.4133(2), 627.7019, Florida Statutes, and Rule 690-142.015, F.A.C., to protect the public health, safety and welfare of Florida policyholders located in the affected counties.