Seacat: We nicely tell them that, unfortunately, it's too late to add new coverages. Once a storm is deemed a potential threat to certain area, insurance companies stop writing or adding on new policies. That moratorium started on Monday night for Florida.

Some clients forgo purchasing either flood or windstorm because of cost, but they see the potential power of Irma and now they wish they had it because if something catastrophic happens, they'll have to come out of pocket. Now, if you have an insurance policy up for renewal at this time, you'll be able to do that for existing coverages.

GlobeSt.com: What about real estate transactions?

Seacat: We are seeing that many real estate transactions scheduled to close this week have been put on hold. This is happening not just because buyers want to see what kind of damage might happen to the assets they are contracted to acquire, but because they cannot get the property insured. We have one deal that is expected to close because we secured insurance prior to the moratorium.

GlobeSt.com: What other advice do you have for building owners?

Seacat: Now is a good time to review your policy so you can be fully prepared to file a claim quickly after the storm passes. You could also start organizing receipts and other documentation needed for the claims process. I would suggest taking photos or videos of the property and any contents that are insured.

Property owners and managers should have all pertinent insurance company and agent telephone numbers ready and available for any emergency calls they may need to make. Franklin Street has set up a 24-hour hotline to help process potential claims.

GlobeSt.com: What can property owners learn from Irma?

Seacat: We don't yet know for sure if Florida will be in the path of the storm, but I think the threat has been enough to be a wakeup call for many. It's been more than 15 years since Florida has been hit directly by a major hurricane, so many have left their guard down.

We've had a very favorable rate environment due to the lack of any direct hits, but one good landfall could change all of that. Whether we get hit or not, I think you'll see more owners rethink the idea of forgoing flood and windstorm insurance when it comes to renewal time.