Ignoring Risks

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  • TRANSFERRING RISKS
  • Look at the water damage in this house!!!
  • It's ruined!
  • Our brand new house! It floods in this area so much!
  • TRANSFERRING RISKS
  • Our house can't be ruined everytime it floods!
  • I know! We have to do something.
  • TRANSFERRING RISKS
  • What do we do?
  • Get insurance!
  • A husband and wife look around their new house and realize that there is water damage.
  • They realize that they live in an area that floods a lot, but they don't want to constantly keep paying for and dealing with the damage.
  • When people realize an event has a high probability of happening and might result in a huge loss, an option is to try and transfer the risk. This won't reduce the loss, but it will help cover the financial damages. In this case, being insured helps transfer the risk.
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