Some closings in New Orleans were delayed by the impending hurricane, mostly because buyers waited until the last minute to secure a homeowner’s insurance policy.
Robert Bergeron, president of Crescent Title, said about a third of the company’s closings were delayed. Most of the delays involved insurance issues, but in a few cases the buyers had language in their sale contract allowing a delay in the event of a hurricane.
But most real estate professionals – and buyers – were savvy enough not to be delayed, says Glenn Gardner, president of operations at Prudential Gardener.
“Since Katrina, people have needed time to shop around to get the best price for their insurance and get it bound way ahead of time,” Gardner says. “For the most part, they already had their insurance set up before Gustav was a threat.”
Source: Times-Picayune, Kate Moran 8/30/