Hurricane Irma Preparation and Relocation Impact

As we continue to work through challenges presented by Hurricane Harvey in TX, it is now clear that Hurricane Irma is headed for Florida and possibly up the East Coast of the United States. In preparation, we have begun reviewing activity on relocating employees and home sale properties in the potential path of the storm.

As with Harvey, we anticipate that a moratorium on property hazard insurance will be instituted by insurance companies in any counties or zip codes near the path of the storm – and perhaps for the entire state of Florida since the Governor has already made statewide emergency declarations. The moratorium, if instituted, will affect closings for both inbound and outbound transferees.

In addition, we will be assessing the circumstances around any property acquisition in the path of the storm to determine the probability or risk of damage to the property as the storm approaches.

If Irma veers east after turning north, the impact on Florida will be more limited, but that may set Irma’s path in the direction of Georgia and the Carolinas. Of course, we will be watching the progress of the storm and taking action, as appropriate.