A devastating house fire taught one financial expert a hard lesson about insurance: having a policy is not the same as being prepared. In a Forbes column, Parere Advisory founder Janet Arzt wrote that the claims process was confusing, overwhelming, and time-consuming, despite having homeowners’ insurance.
Arzt urged women to better understand insurance’s role in financial planning, particularly as they increasingly manage household and generational wealth.
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The Insurance Gap Women Face
Arzt noted that women live longer than men on average and tend to have lower retirement savings. According to Deloitte’s 2024 insurance consumer survey, many insured individuals are unclear on what coverage they need and how much to purchase, putting them at risk of inadequate compensation after a loss.
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Data from the Life Insurance Marketing and Research Association shows women are often underinsured when it comes to life insurance, a gap attributed to income disparities and limited access to financial education. According to the Council of Contemporary Families, about 70% of mothers can expect to be primary financial earners before their children turn 18, with an average span of six years. Women are the primary drivers of consumer spending and control $11 trillion in assets—a figure expected to rise to $30 trillion by 2030, according to McKinsey.
Understanding Life and Non-Life Coverage
Arzt emphasized that insurance typically falls into two categories: life and non-life. Life insurance—especially permanent policies—can be used for tax-advantaged wealth transfers, charitable giving, or securing business continuity for primary earners. This could be relevant to the 70% of women expected to inherit a large share of the $124 trillion in intergenerational wealth transfers projected by 2048, according to a study by the Bank of America Institute.
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Non-life insurance, including property, disability, and long-term care coverage, is equally critical. A 2024 Commonwealth Fund survey reported that 23% of American adults are underinsured for health needs, despite many having employer-sponsored plans. A 2025 analysis by the National Partnership for Women & Families found that women perform two-thirds of unpaid caregiving in the U.S., spending an average of 300 hours annually on caregiving tasks — a contribution valued at $683 billion nationally. This disproportionate caregiving burden further increases women’s need for long-term care and income protection coverage.
Advocate, Audit, and Prepare
Arzt wrote in Forbes that her biggest challenge after the fire was navigating complex policy documents and claims terms without sufficient support. She recommended hiring an independent agent, insurance attorney, or financial advisor to conduct an audit of existing policies and flag potential coverage gaps.
Arzt also pointed to the role of nonprofit and advocacy groups such as United Policyholders and the Red Cross for assistance during disaster recovery. Still, she emphasized in her Forbes column that women must act as their own primary advocates—reading all policy details, asking questions, and ensuring coverage plans are aligned with their life circumstances.
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Practical Steps to Take
Arzt recommended that individuals create and maintain an annual home inventory with photos, serial numbers, receipts, and timestamps. Store documentation securely—ideally in both physical and cloud formats—and photograph damages before initiating repairs after any loss event.
Though reviewing insurance plans may not be a daily priority, Arzt wrote in Forbes that it is an essential part of long-term wealth protection. “Understanding how insurance plays a role in wealth planning can also increase your confidence in financial decision-making and reduce any anxieties about the future,” she said.
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