Insurance: Expecting the Unexpected!
Most of us have a somewhat wary relationship with our insurance. It is not something to enjoy, such as being with our families, savoring the food we eat, or enjoying appreciating the cars we drive.
Almost everyone I talk with expresses their disdain for insurance companies. Sometimes there are good reasons and at other times, people expect insurance to accomplish something it is not designed to do.
Most importantly, I have never had anyone find fault when the “expensive” or “big” insurance policies pay claims, especially when the claim is paid and the insurance company solves the problems that may have occurred along the way. People are happy with the results.
Let’s count some of the ways in which property and liability insurance affects our lives in situations that are totally unexpected and seemingly unrelated to us
In New York City — and this could and has happened in many other cities — there is a multi-storied building that is in the news because it is in danger of collapsing. Engineers, workmen, police, fire departments, city officials and aid organizations have rushed to the location to make sure people are safe and to decide whether the building may be repaired properly. There is also concern about whether the adjacent buildings will be affected.
As I write this, without knowing any details, I guarantee that multiple insurers are there to assess both current and future claims that must be addressed. Property, liability, renters or homeowners coverage: these are only some of the types of insurance that could come into play. Our focus today is on property and liability.
A few years ago, there was a real tragedy in the Miami Beach, Florida neighborhood of Surfside. In the middle of the night, an entire building collapsed without warning and many died as they could not escape. Multiple factors came into play to resolve the crisis. While nothing can replace the lives lost, life insurance and property damage, liability lawsuits to assess blame and assign restitution, and the recovery of demolition and construction costs are just a few examples of insurance claims that were submitted and processed. The payout of claims to the victims from the insurers was over one billion dollars! Remarkably, that figure does not include the medical or life insurance claims paid.
Most people who are in serious car accidents never anticipate that this could happen to them. We may feel horrified to learn about these accidents in the news, but we usually do not consider that we could be involved. In such an accident, if you are the driver who is found at fault, the liability exposure alone can be in the range of hundreds of thousands to more than a million dollars for bodily injury or death. That figure doesn’t include damage to other property, vehicle loss, or repairs.
These are not the only situations that are cause for concern. My main point is that people who have insurance coverage are always very glad they are covered when things go wrong. Without insurance, the difficulties are that much harder, and results can be catastrophic both emotionally and financially.
We are here to help you learn what coverage is right for you and to plan for whatever your future brings. As a full service independent agency, we think about insurance so you don’t have to.
Contact us today!