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The Expert Podcast brings you firsthand narratives from experts across diverse industries, including private investigators, general contractors and builders, insurance agencies, vehicle specialists, lawyers, and many others.
We've talked about this before on this channel, but we're going to hit on very quickly another brief overview of parametric insurance. Parametric insurance is an event-based type of policy. Unlike a claims-based policy where if you have damage to your house, the inspector comes out, looks at your house, assesses the damage cost, determines how much it will cost to repair, identifies the cause, evaluates whether it was a covered cause, and then performs claims adjusting, deducting your deductible and paying you the claims amount, parametric insurance is different.
Parametric, on the other hand, is strictly an event-based payment. If a certain event happens, such as the wind exceeding 100 miles per hour or the temperature dropping below a certain threshold, the claim is paid based on the occurrence of the event. You will be back in your video in just a few seconds. In the meantime, remember that actualhuman.com offers you live one-on-one private video consultations with an expert in this exact subject. We want to listen to your story, hear your questions, provide expert advisement on your options, and share what we know about your particular situation. Now back to your video.
If there's a flood of a certain height above the flood stage, they pay the claim regardless of damage or cause. They simply go by what the trigger event was, look up that data, and without needing to do inspections or calculations of damages, they just write you a check. So, if you have different types of unique coverages or hard-to-place coverages, consider whether parametric insurance as a standalone or as a layer with other coverages would be the way to handle your risk transfer for property damage, business loss, or other types of risk mitigation that might benefit your finances.
Thank you for watching another episode of Actual Human Advisory on Describe TV. Remember, we have live one-on-one consultation appointments available at actualhuman.com, where you can book a live call with a licensed investigator, a licensed insurance broker, a licensed mortgage broker, or a real estate broker. I am also a certified real estate title examiner and a certified civil court mediator, having developed and started over 15 businesses, several of which were sold for millions of dollars. So, if you have questions in any of those categories, you can arrange a one-on-one live video consultation. Use the link below, and we'll see you in the next video.