Anarchy in the streets, lootings in every town, and a bleak financial future is the world without insurance.
It’s easy to feel that there’s no benefit to buying insurance unless you file a claim. Yet, a look into the world without insurance reflects the drastic changes that would be present without coverage.
The history of insurance is long-running. There was insurance before there were insurance carriers. As a means to protect one’s finances and future, local social clubs and small businesses would band together to form mutual agreements. After all, by definition, insurance means to safeguard one’s assets against personal problems.
What would happen in a world without insurance? Here are five likely realities.
- Homeownership would be for the wealthy – They are able to afford to repair their home and belongings out of their own pocket should a peril or theft occur. For the mere mortals who don’t have endless savings, homeownership wouldn’t be in the cards.
- Driving a car would be a financial risk – Even safe drivers get into accidents. From minor crashes resulting in thousands of dollars’ worth of damage to injuries and death costing beyond that, people would think twice before getting behind the wheel.
- Necessary and risky jobs would be desolate – Without insurance, people wouldn’t want to work at risky jobs (e.g. doctors, surgeons, architects). If they made an accidental error, they could lose everything and have no professional career.
- It would be near to impossible to start a business – A business lender wants to know that they’ll receive quick reimbursement if their building or a key piece of equipment was destroyed. Without this certainly, many businesses wouldn’t exist and technology may not have advanced as far as it has today.
- The economy would be weaker – Property-casualty insurers employ around 2.3 million people and invest in the stock market. Without insurance, the economy wouldn’t be as strong.
In essence, the world without insurance would be a less creative and financially weaker place. Insurance is there for your current and future protection!
To secure your insurance policies to ensure that you get the best coverage for your worldly possessions, contact Chambers & Company Insurance Brokers in California today!