It is vital that policyholders understand their risks and coverages before a catastrophe hits. (Photo: Shutterstock)
Over the past few years, the United States has suffered a number of serious and devastating catastrophes from hurricanes to wildfires and even volcanoes. As always, multiple insurance issues arise whenever there are catastrophic losses. The past few years are no exception.
We are very familiar with issues arising after a hurricane: the fact that homeowners policies do not provide coverage for flood, that people severely underestimate their flood risk, and the overall lack of coverage in force when a hurricane occurs. The Federal Emergency Management Agency (FEMA) is underfunded due to subsidized rates, although coverage is perceived to be expensive and is for the areas most at risk of flooding. Even so, the rates are not actuarially sound.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.
