The Expert Podcast

So, how do you get insurance if all the carriers are stopping coverage in your state? Whether you're in California and you can't get fire insurance or you're in Florida and you can't get flood insurance or windstorm hurricane insurance, maybe you're in the Midwest and you can't get hail or tornado insurance. There's all kinds of natural disasters and catastrophes that are making insurance companies pull out of markets. So, how do you get insurance in that case?

Well, some people are deciding to do what's called going bare, meaning that they're not getting a standard homeowners insurance on their residence. And sometimes they do that if they have no mortgage or they have an exemption or a waiver, but it's more and more common and it's kind of risky to do because if something happens, you're not covered. That's why they call it going bare.

But there's a new type of insurance that may allow you to get some coverage from what's called a surplus lines carrier. And this is called parametric insurance. Parametric insurance is simply a triggered event that pays you a flat fee. They don't underwrite the policy. They don't inspect the property. They don't adjust the damages. They just pay.

You will be back in your video in just a few seconds. In the meantime, remember that actualhum.com offers you live one-on-one private video consultation with an expert in this exact subject. We want to listen to your story. We want to hear your questions. We want to give you expert advisement of your options and tell you what we know about your particular situation. Now, back to your video.

Pay you a flat fee. For example, if you bought earthquake insurance under a parametric policy, let's say in Oregon, all they would do is say, "Was there an earthquake? Was it in your zip code? Was it more than this RTORE scale?" Whatever it is. If yes, you get paid $50,000 or 100,000, whatever it is. They don't see how much damage there was. They won't see, you know, if you were truly affected. It's just a flat fee.
And parametric insurance is a method that many homeowners, property owners are looking to see if it can be used to cover at least something on a property rather than going without any coverage.

Parametric insurance can be obtained for rain, for wind, for fire, for earthquakes, for hail, for all kind of disasters. Even could cover business expenses. For example, if you know it gets too cold and nobody buys swimsuits, you can get insurance for your business that way. If you're, let's say, putting on outdoor concerts, you can buy insurance in case it rains during your concert.

Parametric insurance is a good way for unusual type risks. So, whatever you think you don't have for coverage because it's not available, click the link below and look at parametric coverage to see how it might be beneficial for your particular type of risk or exposure.

Thank you for watching. Remember, you can access live one-on-one personal consultations with a licensed private investigator, a licensed commercial insurance broker, licensed certified real estate title examiner, also a certified civil court mediator. So, if you have a need to talk to an expert in any of these fields or even a licensed building general contractor, you can click the link below, actualhuman.com, and arrange a live one-on-one undivided attention with a licensed expert where you can ask any questions, get information about your situation, and we'd be glad to help.