Wouldn’t it be nice to know the details of your new financial service product? Food manufacturers are required to disclose ingredients and nutritional content on labels. While there are shortcomings to how this is done, it does provide easy to understand guidance that has some degree of consistency from one label to another.
Unfortunately, financial service companies do not clearly disclose what is contained or not contained in that new financial product you enrolled in. The Texas Insurance Department is taking a positive step for consumers and is recommending that if a homeowners insurance policy must include a prominently placed disclosure informing the policy owner that coverage for flood damage is not included. Most people don’t realize that they are not protected for all risks under a standard homeowners insurance policy including flooding and earthquake damage among many other possible events. See: Texas Insurance Department Recommends Flood Disclosure on Property Policies.