Here in Phoenix, life insurance, auto insurance, and home insurance are the normal standards for most families. So what is considered conventional in other countries?
Japan: Earthquake Insurance
As a country that is regularly susceptible to earthquakes, earthquake insurance is large part of Japanese life. Home owners can purchase fire insurance and then add in riders that cover earthquakes, tsunamis, and volcanoes. Starting in the 1960s, the Japanese government has worked alongside insurance companies to help carry the risk for earthquake and fire insurance. Consequently, it is estimated that less than 20% of Japanese homeowners have private insurance, with the rest of the population having some form of public home insurance.
This type of insurance is not as popular in the United States, although there are some discussions about it in California. However, due to Japan's unique situation earthquake insurance is an obvious insurance plan for the entire country.
France: School Insurance for Children
In France, parents are legally responsible for any damages or injuries caused to, or caused by their children. Consequently, at the beginning of each school year French parents are asked by schools for a certificate of school insurance, or assurance scolaire. This type of school insurance protects the parents and children against any damages caused by their children, or injuries endured by their children.
This type of insurance is mandatory in order for children to participate in any of the school's activities, and is sometimes included with French home insurance.
Spain: Golf Insurance
To say golf is popular in Span is a bit of an understatement. In Spain, it is not uncommon for families to purchase golf insurance. Although the coverage varies by company, golf insurance typically covers damages to golfing gear and property as well as injuries or deaths endured on the golf course. One interesting perk: some insurance companies will even give clients a payment over 100 Euros if they land a hole-in-one.
What kind of insurance plan would you like to see more often here in Phoenix?