Insurance coverages are mandated by mortgage holders, so the homeowner must purchase a policy. However, the industry is riddled with features that are geared to protect the companies, from loopholes in policy language to shielding from legal action. Companies make sweeping rules that may be unfair in some cases, but applied anyway. Costs are skyrocketing though coverages are lessened.
The mental image of “The King” and “the serfs” comes to mind. Homeowners shouldn’t have to live in fear of being told to "get your roof replaced or you’ll be canceled " or other such notices.
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I think we need to completely change the way we view protection for our property investments and start looking at it in much the same way we would protect ourselves with any large financial investment. Get rid of private insurers for the structural aspect of our property just the building roof and foundation only. Private insurance can offer protection for personal items and typical riders like sheds and fences. Create a national crisis fund that everyone contributes to based on risk and cost of repairs and replacement in the region ( aprox 500.00 yearly for the adverage house. But the real value would come in the form of utilizing your structure as an asset and investing it into the market. By creating a bond program that is run by ai and customized by the property owner risk and affordable options exist to enable additional wealth generation for home and commercial property owners. It would also serve as a fund for maintenance as well as repair and replacement removing fraudulent claims altogether. It’s definitely something to consider rather then just throwing thousands a year at insurance companies that you’re not going to get any return from. .