The benefits of being insured.
by: Christine Zafra
There was a flood last year in United Kingdom that ruined a lot of lives, making a lot of families miserable and homeless. Gerry Tyack, one of the founders of the Wellington Aviation Museum, felt devastated when the whole museum he built was destroyed by the flood. Although the building was not scathed, some of the memoirs in it were destroyed. The insurer of the building, NFU Mutual, paid a total of 60,000 pounds to replace everything inside. It was reported that insurance companies paid a total of 3 billion pounds for the settle claims. The losses for the uninsured totaled up to 2 billion pounds, making the homeless families live in caravans and temporary housing projects as of the moment.
Photo taken from http://www.buildingconservation.com