Catastrophic losses are covered under my insurance.

My property didn't suffer a y damaged , although there are some properties that have some damage in the shingles but nothing I would say catastrophic. 

Although damage was extensive and catastrophic in low lying areas and Fort Myers Beach as a whole, total destruction like that wasn't seen in Cape Coral with many properties only needing minimal repairs, if any, depending on the areaMexico Beach in Panama City was in a very similar situation to Fort Myers Beach in terms of older infrastructure and very little building precautions taken to fortify structures against these types of storms.

Let me add one more - liability.If there's a fire or some other catastrophe and the fault is traced back to unpermitted work, you can expect your insurance company to deny your claim and any injured people to sue you into oblivion.Get the permit and don't have that Sword of Damocles hanging over your head.

No Debt, passive income to cover expenses and a little extra, and enough nest egg to cover for a catastrophe.

My point is, those fittings had leaked for many many years but it wasn't catastrophic.

Leverage was taken on leveraged properties in which the owners had no business owning, and the end of property appreciation triggered a cataclysmic catastrophe.

I am in business to make money, but not off the backs of those suffering a catastrophic health event. 

I find it amazing that only 2.1% change in home ownership was this catastrophic.

We never 'recorded' ours, but at the very least your parents have it if something catastrophic were to happen to you then they can try to get their money back from your estate.