A natural disaster has not happened in Connecticut for a while. However, it is always a possibility.
While you may have Homeowners Insurance and even a flood insurance policy, it may not be enough to protect your finances.
Are you financially prepared for a disaster?
Don’t Let a Natural Disaster Break the Bank
Security Info Center reports that few American are prepared financially for a natural disaster. That’s despite 61% of people who expect to be impacted by one in the next three to five years.
In fact, United States lost billions of dollars because of ten or more weather and climate disasters in 2019. That was the fifth consecutive year with such high number of disasters.
Before disaster strikes, calculating your costs versus the money you have available is a good idea. You also need to know exactly what your Homeowners Insurance and/or flood insurance covers and what it doesn’t. Know your deductible amounts.
Forbes recommends setting aside 50% of your income. That may be unrealistic for many people. However, try saving as much money as you can.
Another recommendation includes identifying essential needs.
- Utilities
- Food
- Housing
Creating a budget also can be an eye-opening exercise. Knowing exactly where you spend money can help you identify areas to cut back.
Everyone knows paying down debt is important. Less debt creates less stress. The more debt you pay off, the better your credit score. Additionally, paying down your debts potentially creates room if you need to access that credit.
Similar to COVID, natural disasters sometimes result in relief legislation. The Cares Act provided relief for the unemployed, as well as for small businesses. Often, a presidential declaration comes with low interest loans, as well.
The Keating Agency can help you prepare for potential disasters. We are happy to review your Homeowners Insurance policy with you. We also can check if you need flood insurance.
The Keating Agency has been your local, independent insurance agency for more than 50 years. Our family business sustains because we have your best interest at heart. Our ability to work with more than two dozen companies means that ultimately, we are working for you.
Give us a call. We are happy to see how we can help.