While not everyone agrees on its cause, no one can dispute that global temperatures are rising and that some parts of the world are becoming drier while others are becoming wetter. One result — as unusual as it might initially sound — is that growing extremes in rainfall increasingly threaten your clients' retirement nest eggs.
|Increasing potential for home fire, water damage
Because higher temperatures and too little or too much rain vastly increase the potential for fire and water damage to homes, many more advisory clients than in the past face significant financial losses from such events, especially if their homes and possessions are poorly covered by their current property & casualty insurance.
If losses occur, your clients would have no choice but to deplete their retirement accounts and use other investments and savings, including funds earmarked for the education of their children and grandchildren, to repair or replace their homes and their contents.
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