Nicole Friedman
speaker
798 appearances
16 recordings
1 series
first heard Aug 2017
last heard Dec 2024
Nicole Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And all of those events really brought to light that many homeowners who thought they were adequately insured actually were not fully covered for the cost of rebuilding after those disasters.
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Yes.
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And this has been true for many decades, but it still confuses homeowners today.
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And it really came to light after Hurricane Harvey when we saw torrential flooding in the Houston area.
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And it's estimated that more than half of the flooding damage was not covered by insurance.
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And so historically, homeowners coverage does not cover flooding.
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And so people have to buy an additional insurance policy, usually from the federal government.
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Yes, we definitely encourage everyone to actually read their insurance policy.
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I know it's boring and legalistic and difficult to understand, and so it can be helpful to have an insurance agent or somebody else walk you through to make sure you really understand what you're buying because the limit might not end up fully covering the cost of rebuilding your home.
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Yes, this is a common criticism from consumer advocates that some of the burden of repaying has been shifted to homeowners over time, whether that's through higher deductibles or lower limits or more restrictions on what is covered.
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This is something that can be pretty burdensome after an event as an insurance company often will ask for a full list of the belongings that were destroyed.
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And that could end up being everything in your home with as much detail as possible.
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So the make and the model and maybe even receipts to show what you bought and when.
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Right.
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Because if the house is destroyed or there's a flood or a fire, that list might go with it.
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And so it's definitely safe to at least keep a copy outside the home or maybe, you know, on your email, something like that.
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Yeah, the insurance commissioner of California asked the insurers in the state to start paying policyholders a portion of the money that they were owed for the contents of their home without requiring an inventory.
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Because so many of these people, their homes were completely destroyed.
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They didn't have inventories and the burden of compiling that list would have delayed the payment when they needed the money right away.
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Thank you for having me.
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Showing 681–700 of 798 · page 35 of 40
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