Review Insurance Before a Disaster

In addition to helping you get organized, planning for a disaster gives you a perfect opportunity to review and update your insurance coverage. First of all, you’ll want to make sure you have adequate homeowner’s insurance. You may also need flood and/or earthquake coverage, depending on where you live. In addition, you should also consider other insurance that would provide for you and your family following a disaster.

Life insurance. It’s important to have sufficient life insurance coverage to protect your family should the unthinkable occur. You should also make sure to keep your coverage current as your family situation changes over the years.

Disability insurance. If you become disabled for any reason, your family would be struggling with the loss of your income at the same time that your medical expenses would be going up. Disability insurance can help to replace lost income and provide funds to cover medical expenses.

Long-term care insurance. A disaster could also leave you unable to care for yourself either permanently or for an extended period of time. Long-term care costs for nursing home care or even in-home care can be expensive. Fortunately, you can purchase specific coverage to help alleviate some of the burden of these expenses.

While we hope that we will never have to put a disaster plan into action, it’s important to at least have that plan in place just in case you ever need one.