Thirteen months ago, David Frisch received a powerful reminder of why property & casualty insurance is a critical piece of any comprehensive risk management strategy. That was when Hurricane Sandy struck the northeast, and many of Frisch’s neighbors experienced severe flooding in their basements.

“Many people thought they were covered under their homeowners policy—when in fact they weren’t covered—or at best covered only for the hot water heater and the furnace,” recalls Frisch, a fee-only planner with offices in New York City and Melville, N.Y., and Tampa, Fla. “Anything in terms of contents usually wasn’t covered.”

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