US Update: Why Are Today’s Risks Widening the Insurance Protection Gap? 

It has been said that the best advertisement for insurance is not having it (or not having enough of it) when it is needed.

We see these heart-sick moments playing out.

The small business owner of a popular beauty salon did not have enough or the right coverages for a recent 100-year weather event, closing her business for repairs.   She is not sure she will be able to reopen.

Byron, a 35-year-old physical therapy practitioner, is enrolling in his benefits plan.  The cost of the medical insurance is limiting what he can further afford for other insurance, creating a gap in protection.

Rita, an elderly parent, has very little money, but requires full-time care — forcing her children to make difficult and stressful decisions.

No one thought to consider long-term care.

The Navarro family loses their home in a wildfire, and they didn’t know that because of inflation, restoration costs would far exceed what their coverage was.    What makes the stories more profound is that in most cases, people aren’t negligent in getting coverage — they are simply unaware of the changing risk profile around them and the need for increased or additional coverages.

Continue reading at the original source →