When it comes to a disaster, you can never really be prepared to lose everything. CA wildfires, floods and earthquakes repeatedly show us that even in the face of total devastation, the hope of recovering and rebuilding carries us all through. The insurance industry is instrumental in that process. Over the past several months, the DOI has been gearing up to allow insurance agents and adjusters to more efficiently handle claims. After the most recent wildfires, we’ve seen insurance companies handing out cash cards to insureds to get by and begin putting things back together. But there a lot less that can be done for clients who don’t have the right coverage. Property Casualty 360 says 75% of Americans aren’t prepared for disaster. Are your clients? Recent wildfires in CA and now flooding from winter storms reminds us that disaster insurance is a necessity for all CA residents and could be a niche for your business.
In recent fires, we saw AIG and Chubb sending out private fire crews to protect insured properties valued at $1 million or more who had opted in to a special program. In CA, a million-dollar home isn’t necessarily just for the wealthy. This type of coverage could be worth it for many homes in rural or fire-prone areas.
Just this week, rain is flooding areas affected by wildfires causing road closures, water rescues, and undoubtedly damaged property. Yet many Californians don’t have flood insurance.
This week, also, the CA Insurance Commissioner just approved a rate reduction for earthquake insurance. This could make earthquake coverage more affordable for clients who previously weren’t interested because of the cost.
With all of these disasters on our minds, this could be a good time to reach out to your clients and review their coverage. It could mean small add-ons that provide the coverage they need if a disaster should strike. At the very least, your clients will know you’re proactive and thinking about their needs.
If you’re looking into disaster insurance as a niche for you, remember, you need to complete specific continuing education courses before selling homeowners and flood insurance. We have the courses you need. They’re quick and easy and we give you same-day certificates. These courses also count toward your CE requirements for your next license renewal. It’s a win-win-win…grow your business, bank some CE hours, and show your clients you can take care of their needs even in a disaster.