Disaster preparedness: What you need to know about insurance
The back of his
About three years ago, Kester's house was little more than rubble. The 68-year-old retiree's home was hit by a rockslide that decimated several homes in the
"We were evacuating at
Today, the only trace of the damage is in a few scuffed chairs and several old photographs. Thanks to his insurance, Kester was able to rebuild his house and replace most of the possessions lost in the rockslide. In the interim, their insurance plan allowed Kester and his wife to rent a small condominium in
If not for their homeowners and flood insurance, the cost of rebuilding would have been financially crippling, if not impossible, Kester said.
"We paid
Given recent disasters such as Hurricane Harvey, Hurricane Irma and Tuesday's major earthquake in
Although housing insurance can be a financially invaluable, it can be complicated for individuals to figure out what kind of insurance policies best suit their needs. Due to the wide variety of available insurance plans and personal factors such as an individual's location, income level and number of possessions, experts agreed that no matter the scope of coverage or cost, it was impossible to recommend a single type of general insurance policy to people.
The best way for residents to figure out what kind of insurance policy is to schedule an appointment with a local insurance agent, according to
While the complexity of acquiring proper insurance can discourage residents from taking an active role in getting insurance for their homes and possessions, scheduling even a quick meeting with an insurance agent to learn about options could make all the difference, according to Udy.
"If you're comfortable playing that kind of risk where you don't have insurance to recover, try to imagine yourselves in the shoes of people in the news who are affected by these disasters," Udy said. "When you see the pictures of neighborhoods where fire indiscriminately burns houses and how the devastation is complete and total, it's a very easy decision to make at that point. We want to talk about the risks that are out there and people should at least have a discussion with their agent."
Some of the more common insurance questions include earthquake and flood coverage, which are not covered by standard homeowners and renters insurance policies, Udy said. For example, earthquake insurance is available separately and can be purchased from private insurers or the publicly-managed
Although
"The heat from the Springs Fire was so intense near
Udy agreed that natural disasters are unpredictable and that individuals often assume they will never be impacted by crises such as fires or floods until it happens to them. Therefore, one of the best ways to prepare would be with strong insurance policies, he said.
Read more:
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* What if an 8.2-magnitude earthquake hit
* Are you prepared for a disaster?
Regardless its potential payoffs, cost is another issue that can cause residents to be reluctant to purchase or maintain their insurance policies, according to
Still, Maloney-Bracamontes argued that insurance policies could be deceptively affordable and that the wide variety of available policies means that homeowners and renters alike could likely discover a plan that would suit them and could pay off in dividends.
"Some people aren't aware what insurance is available to them and how affordable it can be," Maloney-Bracamontes said. "I tell my clients to sit with me once per year and have a conversation with me about what kind of coverage they have. Whoever your agent is, you want to make sure that you have the coverage you need."
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