The time for this requirement has arrived. The rise in the number of homeowners buying insurance online is the reason. There is no live agent, sitting across the table, that explains what is and what isn’t covered. As I’ve written before, I remember the days when there were basically 3 homeowners policies. HO-A, HO-B and HO-C. All with standard wording. No company specific forms. Even those of us with long experience have trouble sorting thru the variations. I feel sorry for the average consumer.
I applaud the idea and support the effort. However, there will still be a significant number of people who will ignore the warning because they don’t want to spend the money for flood insurance and they have the misconception that the federal government will step in and take care of them. FEMA wants out of the flood business anyway; so why not just make it financially beneficial to the homeowner carriers and add it to the policy language? Because of their mortgage requirements they have to buy homeowner insurance and now flood would be included. Maybe that’s too simple of a solution or maybe it’s not politically palatable since it would require a national effort – not just Texas.
The time for this requirement has arrived. The rise in the number of homeowners buying insurance online is the reason. There is no live agent, sitting across the table, that explains what is and what isn’t covered. As I’ve written before, I remember the days when there were basically 3 homeowners policies. HO-A, HO-B and HO-C. All with standard wording. No company specific forms. Even those of us with long experience have trouble sorting thru the variations. I feel sorry for the average consumer.
I applaud the idea and support the effort. However, there will still be a significant number of people who will ignore the warning because they don’t want to spend the money for flood insurance and they have the misconception that the federal government will step in and take care of them. FEMA wants out of the flood business anyway; so why not just make it financially beneficial to the homeowner carriers and add it to the policy language? Because of their mortgage requirements they have to buy homeowner insurance and now flood would be included. Maybe that’s too simple of a solution or maybe it’s not politically palatable since it would require a national effort – not just Texas.