Don’t Get Caught off Guard by Mother Nature
Don’t Get Caught off Guard by Mother Nature
As much as none of us want another monthly expense, insurance (no matter the form – auto, home, renters, medical, or dental) is a necessity nowadays. My wife and I have had what would have been multiple financially devastating losses in the past couple of years because of hail damage to our home and automobiles. This picture shows our car after a big hailstorm!
Without insurance, we would have spent over $40,000 out of pocket to repair her vehicle and our house (roof, skylights, siding, fencing) in order to have a safe car and a house that wasn’t falling down around us. Instead, we have only paid our deductibles for each at a total of less than $2,500.
MilSpouse Money
Mission Response:
Wow, Brian! That must have been a severe storm! Your experience highlights the importance of having insurance to protect your finances from a devastating loss. Insurance is all about risk management. You pay a certain amount each month (called the premium) and if you have to make a claim to the insurance company, your loss will be covered according to the terms of your policy. Visit Money Ready 201 – Insure Your Family for an overview of why you need insurance and how to choose a company. There are several different types of insurance including life, auto, health, renters and homeowners. Make sure to evaluate your coverage annually and when you experience major life changes. A PCS is a perfect time to ensure your policies are up to date and appropriate for your current needs and location. Hailstorms may be common in Colorado, but for your next location, flooding could be more of an issue. So, be sure to do your homework, get the right insurance coverage and don’t let Mother Nature wreck your finances.
