Last month, we did a podcast on fire and earthquake insurance with experts Glenn Pomeroy and Jerry Garcia, and we strongly encourage you to listen to it as it’s becoming more relevant by the day. We’ll share the link to the YouTube version of the podcast, but search for Up2Speed anywhere you listen to podcasts if you prefer to listen on the road.
We sat down with the former Insurance Commissioner of North Dakota. He shared what it was really like navigating one of the worst floods in U.S. history—and how relying on FEMA alone left people devastated.
This is the kind of real-world insight that elevates you from insurance seller to trusted risk advisor.
About FEMA
One of the most particularly relevant sections is about FEMA. Specifically – how far too many people assume that, if faced with an emergency, they’ll receive some form of economic support from the federal government to help them rebuild.
FEMA has never been an insurance plan.
But FEMA is ESPECIALLY not an insurance plan now.
FEMA’s funding and staff have been cut dramatically. Their ability (and desire) to provide financial support in the event of catastrophic damage has been reduced considerably.
Similarly – and as the podcast talks about – disaster coverage is no longer regional.
From hurricanes in Florida to wildfires in California, CAT losses are not just regional problems anymore. The ripple effect of these disasters is reshaping the entire insurance market
The Changing Insurance Market – And You
Your clients are either currently feeling the pressures or soon will be. Those that envision that there will be some help out them in the event of catastrophe are also putting themselves at very high risk.
As agents, they’re turning to you for clarity and solutions, and they’re relying on you to keep them informed of what they need to know in order to stay protected in this fast changing landscape.
Remember, insurance isn’t just about premiums. It’s also about preparedness. Helping your clients stay up to date with the latest and most important information may be what saves them from total and complete economic disaster.