How does one go about expressing adequate sympathy for the victims of such disasters as Hurricanes Harvey and Irma? Our prayers and offers of what aid we can muster seem small, indeed. However, what we can do, we do. Our hopes for a rapid recovery are sincere.
In the meantime, it is wise to ponder how we would survive, if such a catastrophe were to hit the area where we live. Having a good exit plan in case of evacuation is a good first step. Keeping contact information of people to whom we could turn for help in an accessible place is advisable, too.
Right now might be a good time to sit down and calculate how we would be able to rebuild in the aftermath of a hurricane, a fire, a tornado, an earthquake, or any other destructive happenstance. Most people have some kind of homeowners or renters insurance. Some places even require you to have a certain amount. The question is whether or not it is sufficient for such a disaster.
For instance, many of those people have mortgages which still must be paid. Some of the lenders are offering forbearance for a certain period of time, but some of them still want their money. Even the forbearance is just a delay. The interest on the loans is still accruing. Of course, it is to the advantage of the lenders to forbear, because otherwise the people may have to default altogether, which would increase the instance of foreclosure. That’s not good for anyone.
A lot of people are unaware of the amount and kind of insurance they need. Start educating yourself. Go online and research. Make calls. Get quotes. Find out if your insurance covers such things as earthquakes and flooding, or if you need a special rider for that. See if you are covered for the initial cost of your house and/or belongings or if you have replacement cost coverage.
Another thing to consider is the possibility that you could need to relocate at least temporarily. That might be difficult if you are paying on a mortgage. You may want to have enough insurance to cover extra living expenses for a time.
Since the details of insurance coverage are so complicated and affected by variables in individual situations, an adequate treatment of it would require much more space than we have here. For a good breakdown of the subject, here is a link to Insurance Information Institute’s Making Sure Your Home Is Properly Covered For a Disaster.
It will give you much food for thought.
If you are looking for a home, or want to sell a home, the Casey O’Neal Team is here to help you in any way we can. Give us a call.