Insurance by any other name is a shell game. Are you covered?
With so many devastating natural disasters in Texas, Florida, Louisiana Puerto Rico and Mexico, those people fortunate enough to have insurance are turning to their policies to see what is covered. Many victims of this last batch of hurricanes are shocked to discover that most policies do not cover damages caused by “named storms,” such as Harvey, Irma and Maria.
Our current system of insuring property against natural disasters based on location is faulty at best. What you predict will happen is like playing Russian roulette, but the odds are worse. You know what natural cataclysms are common to your area, but you’re lucky if you guess which disaster will strike and insure appropriately. If you are wrong, you’re left with no coverage for what could be the biggest disaster of your life. Thousands of good, smart people have been wiped out recently.
So, here’s a simple solution: a national natural disaster insurance policy. All property owners would pay an annual premium for mandatory natural disaster insurance. If you raised an average of $1,000 per property, it would produce $100 billion annually. Rather than choosing your disaster, all types of disasters would be covered including volcano, tsunami, earthquake, landside, tornado, avalanche, hurricanes and floods. With the cost shared among all properties, everyone could be covered.
Please feel free to reach me anytime at firstname.lastname@example.org or 949-438-2722.
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