The Murzzy Blog
We think of Benjamin Franklin as a statesman, a scientist, an inventor, an author, and most of all one of our nation's forefathers but what about insurer? It's true! In 1752, for many "the First American" also launched the first insurance company in America. His aim was to protect houses from the peril of fire.
As you can imagine, the religious leadership of the time had difficulty with the concept of putting a monetary value on human life. However, when they realized how insurance was able to protect orphans and widows, insurance, as an industry, started to build real momentum.
Home Insurance Today
Having started with the peril of fire, today home insurance provides comprehensive coverage for homeowners. Insurance companies understood with time that covering all common risks against the structure of the home and with the occupants of the home is necessary in modern society.
We can now protect our home against the risk of pretty much all common perils like fire, wind, water, theft, and others but that's not all. Today's policies also cover additional living expenses if the home is unlivable, the personal property of homeowners, and the liability of the homeowner and other residences while at the home or away from it.
This package policy approach serves homeowners well but it is important to keep in mind that not everything is covered in the same way. There are many gaps in coverage that, if not understood and covered, can leave the homeowner with unexpected expenses and hardship. Speaking to an independent insurance agent who works for you not any insurance company is the best way to make sure you get the best policy coverage and price.
What about tomorrow?
Technology rules our lives! I am sure people have been saying that going back a couple of centuries but it is more true today than ever before. The insurance industry in America, however, has not done a great job of keeping up. That's not so overseas where insurance companies are making strides towards leveraging technology to make their policy holders' lives easier.
Doesn't it seem like our devices have come alive? Even refrigerators, for example, can monitor usage and alert you when it's time to shop for more groceries. We can also control our air conditioners, lights, televisions, cameras, and other household devices with our smart phones. Why haven't insurance companies put technology to better use yet?
Is it that difficult to automate automatic door and window shutters, in storm prone areas, that close when wind speeds approach tropical storm levels? Why can't we have smart vacuum systems that drain water when it leaks inside the home? How about sensors that can detect fire hazards, roof leaks or even sinkholes and earthquakes?
None of these concepts are far fetched. They can actually save insurance companies money leading to reduced insurance premiums for their policy holders. The question is whether the insurance industry is ready to fully embrace technology in a way that actually benefits their customers. At least they have started to use drones to streamline and improve the claims process. It's a start but not nearly enough.
We would love for you to share ideas about how to make insurance better in the comments below.
Points to Remember
Contact us at Murzzy to help you navigate the flood insurance market. We are independent so we work for you and not any insurance company. With Murzzy, your choice does matter! Call our experts at (813) 327-4900 or email us at firstname.lastname@example.org
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