No one ever plans for a natural disaster, but sadly, they occur. Natural disasters bring with them a loss of control and a level of unpredictability that is scary and uncomfortable. Luckily, there are some preemptive steps you can take to partially prepare yourself for Mother Nature. Jason Hartman is always in favor of education, so take a few minutes to read about what you can do now.
Insurance is obviously an important part of protecting yourself anytime, but especially in times of natural disaster. Having the right kind of insurance is important too, though it can be overwhelming. If you own your home, you’ll need some type of homeowner’s insurance, which is often required by lenders. Look at policies to find one that covers potential disasters you might encounter, as not all of them do. Not all plans cover flooding, tornadoes, hurricanes, or earthquakes (or some combination) and require additional disaster coverage.
If you rent an apartment our home, renter’s insurance may be worth your money. For around $10 per month, you may be able to protect yourself from a variety of disasters and damage. Renter’s insurance will replace your possessions and your landlord will be responsible for structural damage, thereby protecting you, the renter. Shop around for a plan that covers your needs and is as comprehensive as you require.
If you need to pursue disaster insurance, you might begin by surveying neighbors and long-time residents of your neighborhood. At least one of them is likely to have explored insurance options and should be able to provide some advice. Be aware that disaster insurance can be very expensive—only pursue it if you think your risk is high and the loss of your things outweighs the high cost of the coverage.
Evaluate the Neighborhood
Coastal areas seem to suffer more natural disasters than other areas and continue to increase in population, creating an even greater risk for residents. If you’re thinking about moving, make sure you look at weather patterns and history of an area to determine your potential risk. Look out for low elevations, nearness to fault lines, and flood zones.
Save Some Money
To best protect yourself and your loved ones, consider saving at least six months’ pay for an emergency fund. It can be difficult to accumulate this extra money, but it might be necessary if natural disaster occurs. Having an emergency fund will prevent you from going deep into debt should disaster strike. (photo credit: Design By Zouny via photopin cc)