In our line of work, we are in the business of protection. We guide and advise both clients and insurance agents on the various ways in which homeowners need to look into the future to consider all the possibilities. This is not always in a good way. Life throws a lot of curveballs, and working in insurance, we provide our clients with the means to cushion the road, making the journey as easy as possible. We also guide fellow agents with structured courses on how to provide the best possible advice to their clients.
The right protection provides for cover in an emergency. If you need to stay in alternative accommodation on a short term, or rebuild your home because of fire, such terrible circumstances are made a little easier if you and your customers have the right insurance in place.
All of us within the insurance industry are familiar with the “triangle of protection” presentation, which details the different insurance available for homeowners. First, we have home insurance against fire for example. Second, life insurance. This provides for those who may lose a spouse and means that the mortgage on a home would be paid for should one/both pass away. The third corner of the triangle covers disability income. We know that this covers everything from being in a car accident to unfortunately developing Cancer. Illness and accidents are so common, it is one of the wisest decisions to make to ensure your family is protected within every facet of their life.
Considering all of the above, what do you think may be missing from the triangle of protection? In a location such as South Louisiana or other similar areas across the United States? I often explain to people that it’s not only fire that can lead to losing a home. There are four ways in which this can happen. The triangle of protection is actually a box of protection. Apart from Fire, death or disability, there is another way in which you can lose your home and that is from the impact of a flood.
Many people may feel they don't need flood coverage because they don't live in a traditionally flood-prone area, but unfortunately you can't count on that any longer. Across North America the incidence of flooding events is increasing. Changes to climate are turning areas where you may never have expected flooding, into areas of risk.
The bad news - if you aren't covered, you can lose your home.
The good news - coverage is easy to obtain by simply having the conversation with your insurance professional.
The really good news? If you live in an area where flooding has not traditionally been a concern, your coverage will be even less expensive. That can make your decision to protect your home from flood damage even easier.
Insurance can often be one of those subjects that lead to glazed over eyes or comments like ‘Oh I really don’t have time to think about that just now”. Our advice, is always “Think about it”. Life happens and so do accidents, fires and ill-chosen insurance policies. Take a look at five big insurance mistakes to give you a better picture on what can happen if we don’t fully consider all of our options.
When it comes to the “Box of Protection”, contact us today to learn more on the other options you or your clients need to consider with insuring a home. Our team would be happy to speak to you on the different opportunities you have as an insurance agent to help your clients in terms of complete cover. There is a multitude of options to consider depending on client circumstances, particularly where they live in terms of geographical location.
Talk to us to find out more.
Peace, love, and gumbo!
Marvin LeBlanc, LUTCF, CNP
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