Natural disasters almost always occur without much of a warning. If one happened to you, would you be prepared to handle the financial disaster that could unfold? In Los Angeles, there is always the fear of an earthquake. While there are often small ones, everyone is expecting a big one to come at some point. But nobody knows when. By preparing yourself beforehand via financial security or insurance, you can set yourself up to come out financially unscathed. Make sure you’re always saving for and anticipating a rainy day.
Tornadoes in the Midwest Destroy Your Real Estate Investments
If you live in the south or Midwest, you should prepare for the impact of tornadoes because of their frequency and unpredictability. Tornado Alley, which encompasses almost everything between the Rocky Mountains and Appalachian Mountains, is always under a great risk of tornadoes, especially in the spring and summer as cold and warm fronts combine.
A Joplin, Miss. tornado in 2011 cost the small town of about 50,000 people more than $2 billion. Since there’s a certain element of surprise to tornadoes, you should consider home owners insurance as a safety net.
Check out https://homeownersinsurance.com/homeowners-insurance-101 to understand your various options when it comes to purchasing home owners insurance. Make sure that your policy is able to carry the load if a disaster happens, but also make sure it doesn’t break the bank.
Hurricanes in the Southeast Drown Your Savings Accounts
As you may know, Hurricane Katrina was a devastating hurricane that not only rocked New Orleans, but changed the entire landscape of emergency aid from the government. It taught people not to rely on FEMA or any government charity to sort out their life after a massive disaster. If you live in the Southeast or Texas, it’s important that you keep your finances in order in case the worst happens.
The rebuilding process after Hurricane Katrina, which is still happening, has cost an alarming and astronomical $81.2 billion, for a city of only 340,000. If you live in Miami or Tampa, which has a higher population, hurricanes are much more common. Be sure to save money and have an escape plan.
Earthquakes on the West Coast Shake Your Financial Security
Earthquakes are an unpredictable force of nature that can strike at any time without warning. In California, earthquakes, although minor, happen daily. But large-scale earthquakes that rock the Richter scale can be looming over the west coast of America. In 1994, the Northridge earthquake struck Los Angeles, causing more than $42 billion in damages. To protect yourself against such an occurrence, it’s important that you insured your home, car, and in the worst case, your family.
Earthquakes have also begun to spread into the Midwest along the New Madrid fault, which sprawls through southern Missouri into Arkansas. Places that were previously impervious to such natural disasters are now at the forefront. If you live in one of these areas, it’s to your benefit to have yourself financially secure to cover the cost of repairs or loss of job.
No matter where you live in the States, natural disasters can strike at a moment’s notice. There’s no way to prepare emotionally for what might happen, but since natural disasters are more inevitable than anything else, there’s no reason not to prepare financially. Without proper financial backing and insurance, you can lose your house, car, and everything dear to you. Remember that the sooner you take this into account, the better your life will be if you experience a disaster. Precautionary measures may cost you up front, but will protect you in the long run.