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5 Key Benefits of Disaster Insurance

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5 Key Benefits of Disaster Insurance

In 2006, I was car-jacked at gun-point in Orlando Florida. It was by far one of the scariest moments of my life. Unfortunately for me, I did not have full insurance coverage on my car. As a result, I did not have any penny in compensation. That was a nightmare!

From that incident, I learned that there is power in preparedness. Without foresight, you can suddenly find yourself sinking. That is what happens to you when you don’t have insurance on your home or your business.

Having insurance, can make or break in the aftermath of a disaster. Here are 5 reasons why you need disaster insurance in my understanding as a disaster guy. Am not selling anyone ‘s insurance here. Far from it.

Benefit # 1: Control:

When you have disaster insurance like flood insurance, you have a degree of control and hope, should things fall apart during a disaster. With such hope, your blood pressure will not burst through the sky. More importantly, you will be compensated regardless of whether there is a presidential declaration of disaster or not.

Benefit # 2: Continuos Coverage:

Another beauty of having disaster insurance is that once you have it, it can serve you multiple times. Such coverage does not have to be renewed or cancelled in case of repeat losses. That can be extremely useful if you get hit twice by in the same year or so.

Benefit # 3: Federal Money is Not Free:

Did you know that you can only get federal compensation only after there is a Presidential Disaster Declaration? In the absence of such a declaration, your hopes for recovery will depend entirely on YOU. Additionally, in some cases, federal money will be given as long term loans, thus, you are better up having your own insurance than taking a loan.

Benefit # 4: Cost of Policies is Low:

Most disaster insurance polices cost significantly low premiums compared to the value insured. On the average you can pay about $500 annually for insured value over $100K. If you look at this in terms of cost versus benefits, you will realize that this is a big bang for your buck when you need it most.

Benefit # 5: There is no Payback:

When you have disaster insurance, it is your own to keep. This means that you can have some sleep at night, without having to agonize over how your business (employability) recovers from the disaster. When your insurance steps in, you can have a new lease of life to bounce back while others are sinking. Think about it! A word to the wise is sufficient!

Gideon F. For-mukwai, CEM

Preparedness Champion