Property and casualty insurance is one of those things you don’t think much about, day to day.
Every adult citizen has it, of course. Every state but one (New Hampshire) requires you to have insurance on your car. No choice there. Even if it were not the law, in the helter-skelter world we live in today, few of us would think of leaving home without it.
And let’s face it, no bank will give you a mortgage without insurance on the house. Even if you rent your home, very inexpensive rental insurance will cover the unexpected. That could be a fire or a theft. Less likely, but always a possibility, a lawsuit from somebody who gets hurt on the property.
Yes, we live in an uncertain world; and at the end of the day, property and casualty insurance (P&C) is how we as a society have chosen to protect ourselves from many of the normal risks of life. The industry claims to sell “peace of mind.” Well, there’s something to that!
You can get into your car and drive 3,000 miles from New York to California with the knowledge that, should anything unexpected happen on the road, a whole series of events will kick into gear to get the mess cleaned up, usually with just a single phone call from you. If no injury is involved, you very likely expect to be able to hop into a rental car in, say, Arkansas – and continue on your trip. What a blessing when you need it, right?
Most of us don’t even question the value – certainly no one who has ever been in a car accident and sustained damage to their car.
What about a family that has been through a fire? These are far fewer of us – but the devastation that a house fire can imprint on the psyche of a family can be huge. Yet the loss of things that can never be replaced – precious keepsakes, personal records, beloved works of art – can eventually be supplanted by the joy of shopping for, perhaps upgrading, and certainly updating many of these material things.
Most of that “afterwards” process – that recovery – is possible because of a check from a property and casualty insurance policy that has been there in the background all along. And sooner or later, acquiring new things to love will ease the sting of loss.
So when shopping for property and casualty insurance, think (only briefly) about the possibilities that might cause you to need it. Calculate – just that once – how you want to feel, how you want your family to feel, in the aftermath of that possibility. Then make your choice, and relax. It will be there when you need it.