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Voluntary Vs. Involuntary Homeowners Insurance Coverage
Are you a resident of California? Texas? Mississippi? Louisiana? Florida? If you can answer yes to any of those then you're all too familiar with the difficulties people face obtaining homeowners insurance when they live in a high risk area. Insurance companies are often very reluctant to insure homes in an area that presents a high risk of actually having to file a claim, and as a result there are thousands of homeowners left homeless and heartbroken after a natural disaster strikes.
The government, after paying out billions of dollars in storm damages under federal disaster programs, has finally established a series of mandates intended to protect houses in high risk areas through the development of a "shared" market, a series of involuntary homeowners insurance plans and guidelines that ensure that everyone has the protection they need, regardless of where in the country they happen to live.
Voluntary Homeowners Insurance
If you've purchased a homeowners insurance policy through a company such as Allstate or State Farm you're already familiar with the concept of voluntary homeowners insurance. Voluntary homeowners insurance is a booming business in the U.S., made even more so by the fact that most homeowners are required to have insurance if they are renting or have not yet paid off their mortgage.
Voluntary homeowners insurance is exactly what it sounds like-voluntary. Companies offer this type of coverage because they choose to, and because of this they have an almost limitless freedom to decide what they are and are not going to cover under their standard policies. Earthquake and flood coverage tend to fall into the "not" category, making it difficult for homeowners in high risk areas like oh, say, California or the Gulf of Mexico (earthquake and flood zones, for anyone who hasn't had the pleasure of watching their bookshelves dance at two in the morning or taking a swim down Main Street on a summer's afternoon) to find the coverage they need.
Involuntary Homeowners Insurance
Because most homeowners insurance providers don't want to find themselves saddled with a property they can almost guarantee is going to cost them money in the long run the government has stepped in and established the involuntary insurance market-i.e. guidelines stating that certain individuals in certain areas are required to be covered, at a reasonable cost, and certain insurers are required to provide that coverage. This can take the form of the FAIR plans or the Beach and Windstorm plans available in some areas, along with other state funded programs, or go through FEMA (as in the case of the National Flood Insurance Program).
There are many people who don't believe that the government has the right to force insurers to provide coverage, claiming that the costs don't justify the returns; however, without involuntary homeowners insurance programs there are thousands of individuals from coast to coast who would find themselves without a home or any hope for their financial future after taking care of the damages. Sometimes, it's a very good thing that big brother is watching.
About the Author
Clifford F. Berman is the CEO of QuoteScout.com. Since its launch in 1996 the company has specialized in matching consumers requests for insurance quotes with both local agents and national insurance carriers. For more information, please visit them on the web at
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Did Obama ride to the Whitehouse on partly because of Tigers fame?
On the TV series 24 with Kiefer Sutherland there was a black president all knowing like the annointed one who now pitches insurance for Allstate. Most Tv series protray blacks as the moral leader and the one who fights against bigoted odds for success. Most of us know in real life this is a lie.
As long as we have free speech in this country I will exercise and being a Vietnam vet infantry 68/69 I think I earned it. Obama never was questioned by the main stream media about his years of association with Bill Ayers the Weatherunderground bomber or Rev. Jermiah Wright and was given a free pass. You cannot even say his full name of Hussien Obama without someone screaming racism. Bush is no longer President and many of we coservatives did not approve of him either but you cannot blame Bush for the mess we are in now. Obama our first affirmative action President who cannot be criticised.
Amazing how hateful we have become. Were known for years as the ugly Americans. Shed this infamy during the Clinton years and now it is coming back.
I know it must be very hard for particularly white Men to see such an intelligent black Man.
I am so glad that intelligence and decency has returned to our House, the White House.
Pepsi Cup Series Allstate 400 part 2