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2023 Preparedness - Wednesday Wisdom: Week 29


It’s time to deal with the challenges facing us now. This week it is insurance. It won't save money but it may save heartache. Insurance companies are becoming more cautious when issuing policies and when paying out. Why? Disasters have become more frequent as have thefts and vandalism. Several companies have already pulled out of California and Florida.

Not only is it becoming more difficult to find home insurance, but their insurance premiums are skyrocketing for many people. Many homeowners have been forced to cancel their insurance policies because they can’t afford them. Without insurance, homeowners are responsible for any damage to their homes or personal item. In the event of a natural disaster, the government is not the answer. The average FEMA payment for a lost home is $4000.

Now is the time to examine your coverage, especially in high-risk states. It’s time to consider additional insurance if you live in an area prone to earthquakes, fires, or flooding. The most common way to get flood insurance is through the National Flood Insurance Program (NFIP).

If you can’t find or afford insurance research your state’s FAIR plan. You might be able to get coverage through your state’s Fair Access to Insurance Requirements (FAIR). These plans can be expensive and offer limited coverage, but they are better than being left with the burden of rebuilding on your own.

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