Iva Walton, mayor of Isleton, is leading efforts to reform the cityâs insurance approaches in response to its flood risks and limited resources. With many residents living in poverty, the city narrowly escaped bankruptcy after damages to infrastructure. Recently, Isleton secured a $2.5 million parametric insurance policy, which enables immediate payouts triggered by floodwaters, a crucial development as traditional insurance methods lack speed and flexibility. This innovative approach represents a significant shift towards protecting communities from increasingly frequent natural disasters.
Isleton is piloting community-based insurance for California, which desperately needs alternatives for the home insurance market.
Parametric insurance streamlines the claim process and caps liability for insurers, making it an attractive option in the face of heightened natural disasters.
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