The Expert Podcast

More and more property owners are having to turn to non-standard insurance policies to cover their residential properties, homeowners properties, because many insurance carriers are pulling out of certain markets. Whether it's wildfires in California, hurricanes in Florida, hail and tornadoes in the Midwest, there are many markets where there is a shortage of insurance carriers. And some homeowners are going bare, meaning that they don't have homeowners coverage. You can do that if you don't have a mortgage. Some of them are going underinsured.

But one of the ways that you can cover these hard-to-place markets is what's called excess and surplus lines insurance. A short abbreviation is ENS. Surplus lines insurance are policies issued by carriers that are not technically admitted in the state, but that are writing policies that an admitted carrier does not have options for. And an ENS policy is something that, you know, most brokers can handle. There's different types there.

Severe weather policies, there's over and above policies. One of the types of insurance that many people are looking at now is parametric insurance. Parametric is an event-based trigger insurance. It doesn't go by how much damage there is. It doesn't go by whether or not the house needs to be completely rebuilt or just partial damage. It gives you a flat fee amount.

So if you're looking at thin coverages or difficult coverages, you may want to look at parametric to either backfill your shortage or maybe as your primary coverage. It's not designed to be primary, but if you have no other way to get insurance, you own your house for cash, and you're willing to take the hit on catastrophic, you may use a parametric policy, which is a form of ENS insurance, to at least get you some risk mitigation for your residential property or even commercial. These policies cover commercial as well.

So if you want more information on parametric and how it might fit your risk coverage parameters, you can click the link below and get more information.

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