This has been a sad time for residents of our nation's heartland, after flooding caused the failure of numerous levees along the Mississippi River, creating untold damage, destruction and loss of life.
At the same time, many residents no doubt also have received some additional bad news--the destruction of their home by flooding is not covered by their standard homeowners insurance policy.
It is at times like this that the homeowners policy is becoming an increasingly confusing instrument for many consumers. But there is a solution that could help reduce the confusion buyers face--create one standard multiperil policy that fairly represents all risks.
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