BelmanInsuranceAdvisor.com Warns the Insurance Industry: Climate Change is an Important Factor to Watch
Miami, FL (PRWEB) July 02, 2013 -- Per the trade body, Geneva Association, the warming of the oceans brought about by climate change could conceivably make some parts of the world, including parts of the United States, uninsurable. Following the June 30th article published on EcoWatch.com, BelmanInsuranceAdvisor.com believes that this is a critical topic that will have far-reaching effects throughout the entire insurance industry. BIA urges the insurance industry to keep a close eye on the changes.
The aforementioned Geneva Association article brought to light the fact that Florida may very well be a place that becomes uninsurable due to harsh weather conditions. The report used windstorm insurance in Florida as an example of a particular insurance coverage option that may no longer be offered. The Geneva Association report did not mention the affect climate changes in Florida would have on the regions ability to obtain other types of insurance coverage like burial insurance, no exam life insurance, or full coverage auto insurance.
The head writer of BelmanInsuranceAdvisor.com can be quoted saying, “My nephew lives in Florida. A home can be an expensive investment. With harsh hurricane winds there is definitely damage that takes place. Not knowing if you’re property damage is going to actually be covered by your insurance plan is a scary thought. It very well make someone decide to settle down and buy a home in another state. Living in Florida has many pros but living in a place where you know there is extreme weather and wind factors, and knowing that your home will be damaged the cons may outweigh the pros if there is no livable home after the storms. I urge the insurance industry to do their research and warn their policy holders of the potential uninsurable areas so they can make wise decisions of where to live and what to do if their area becomes uninsurable. I know that if my nephew knew that his property was uninsurable there would be a move in his near future.”
In the U.S., Hurricane Sandy wreaked billions of dollars of havoc on New York and New Jersey homes and properties. Given that weather-related disasters are on the rise, it is imperative that the insurance industry partner with consumers, local, state, and federal government entities to find ways to mitigate the risk of weather-related catastrophes, or there will be more and more areas that are uninsurable. Additionally, the insurance industry can continue to work with manufacturers and builders to utilize stronger and safer building materials.
New York Mayor, Michael Bloomberg, recently unveiled a plan to protect the city from future super storms by building floodwalls and levees. The bill for this enterprise will fall somewhere around $20 billion. Manhattan is an island built on layers of very, very deep bedrock. While such ground is excellent on which to build skyscrapers, it presents very particular problems dealing with calamitous weather events.
While sales of property and life insurance remain a priority for insurance professionals, BelmanInsuranceAdvisor.com believes it is important that the industry delve deeply into measures that assist consumers and governments to assuage the cost of weather-related claims. Education will play a large part of those measures.
BelmanInsuranceAdvisor.com believes that the subject of global warming and weather related catastrophes needs to be a long-term conversation that insurance professionals have with all of their clients. The needs for this dialogue cannot be overstated.
About BelmanInsuranceAdvisor.com:
Belman Insurance Advisor provides guidance to the insurance industry to help promote a continued healthy bottom line.
Belman Insurance Advisor, BelmanInsuranceAdvisor.com, (708) 320-8567, [email protected]
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