The history of home insurance is pretty interesting. But then, I’m an insurance nerd and a history buff.
In 1666, the Great Fire of London nearly destroyed the city. During the following years, new laws were passed requiring that each quarter of the city be provided with buckets, ladders, and other firefighting equipment.
Every house was required to have buckets too and the occupants were expected to help in fire “bucket brigades.” This was the beginning of what we know today as fire departments.
Another law was passed at this time that allowed for the incorporation of an organization to pay participating property owners for losses due to fire. The first policies were known as “fire policies.” This was the beginning of the modern insurance industry.
We’ve come a long way from getting insurance that covered a house only for fire damage. Unlike 300 years ago, we can now buy insurance for almost any risk you can imagine. Today we take for granted the ability to assume large financial risks on cars, houses, and business ventures. Access to insurance is what makes these risks feasible to both the bank and the borrower.
The world has changed dramatically since 1666. Our desire to protect what is important to us hasn’t. Insurance can seem complicated and expensive. It can seem like a penalty of ownership instead of an investment in financial protection.
That’s why a review of your insurance plan is important. You need straightforward answers to your complex insurance questions. We would love to be the agency to answer those questions and help you build an efficient plan that is tailored to your situation and risk tolerance.