Options to get Hurricane insurance in 2022?

[David Smith]

Here is the situation. I would love to hear your options to solve this issue:

1. I need to find hurricane insurance in 2022 to close a transaction, that will use an SBA lender

2. All the insurance companies I contacted said they closed their book for 2022 and don't write policies this year anymore....and don't tell me when in 2023 they will open their book agin

3. The property is in the US Virgin Islands.

Do you have/know any solution? How would you deal with this situation?

[John Mocker]

David,

If this is a second home, check with your Homeowners carrier.  If they won't write it and your primary home is a High Value Home (ie. eligible for Chubb or similar) you may be able to move the home to get coverage.  

The second option is to look to the Specialty (Excess Market).  Contact a few Larger Independent Agents and see if can access any Excess markets (ie. Lloyds of London, etc...) to see if coverage is available,

[David Smith]

Thanks @John Mocker

It's an investment property. Are there any broker you suggest for the Excess Market?

[John Mocker]

David

I don’t know if any off hand.  I will make some inquiries and PM you if I find any possibilities 

[David Smith]

@john 

@John Mocker thanks a lot!!!