Rebuilding Tomorrow: Disaster Recovery with Palomar  

Over the past year, many insurance companies have publicly shared their commitment to Diversity, Equity, and Inclusion (DEI) initiatives. This is a great step forward for our industry and should be applauded. However, to evolve the insurance marketplace into one that truly serves all communities, it is important to look deep into our product solutions. 

At Palomar, we approach our business with a spirit of collaboration and partnership because we believe this grows our customer base and helps us further our mission to protect and strengthen American communities.

Insurance is a lifeline for financial protection and security, particularly for families in underrepresented communities.

According to a 2023 Bankrate report, 57% of U.S. adults are currently unable to afford a $1,000 emergency expense.[1] This reality is even more concerning when considering the fact that in the event of a flood, just one inch of water can cause roughly $25,000 of damage, while earthquakes can cause damage that is similar if not greater.[2]

Previous disaster events have revealed, time and again, that homeowners can recover faster when they carry insurance.

One of the top predictors of insurance uptake is working with an insurance agent. Palomar aims to empower and encourage the insurance agents that we partner with through such efforts as creating educational resources that highlight the importance of peril-specific insurance coverage. These include our Introductory Guide to Palomar and Flood Insurance, and our Why Earthquake Insurance Matters blog post.

To be more inclusive and to promote wider access to various communities, Palomar has translated  documents such as these into Spanish, and we will continue translating documents into other languages.

Palomar's commitment to fostering Diversity, Equity, and Inclusion in the insurance industry extends beyond mere declarations and is deeply embedded in our approach to business. Understanding the crucial role insurance plays as a financial lifeline for families, especially those in underrepresented communities facing economic challenges, underscores the significance of our mission. Palomar and our insurance industry peers have the opportunity to bring about positive change and strengthen the resiliency of American communities.

[1] https://www.bankrate.com/f/102997/x/fca64133d1/2023-january-fsp-emergency-savings-press-release.pdf

[2] https://www.homeadvisor.com/cost/disaster-recovery/repair-earthquake-damage/

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