Catastrophes are any misfortune, mishap, or failure and disasters are calamitous events, occurring suddenly and causing great loss of life, damage, or hardship (Dictionary.com). Whatever we call them, when a flood, fire, tornado, hurricane or theft occurs, it can cause major financial loss.
You never know when something is going to happen, and rarely is anyone completely prepared. There are three ways, however, to help minimize the loss.
PREVENT
Though no one can completely prevent anything from ever happening, there are levels of prevention that will make your life more secure. An alarm system quickly detects fire and smoke. This will not prevent the fire, but it will minimize the loss by notifying the fire department as quickly as possible. This is especially true if the fire breaks out when no one is home!
An alarm system will also provide a level of prevention against theft. Professional burglars know how much time they have to get in and out of a building before law enforcement arrives. They know their time is limited, so it will reduce the number of items they’ll be able to remove from your home or business. The less professional burglars might pass by your property as they seek an easier target (one with no alarm).
PROTECT
Purchasing the proper insurance policy will help protect you against financial loss. Make sure you have an annual review with your insurance agent and discuss anything new that has happened over the previous 12 months. If you have added on a room, made major upgrades, purchased high end items (collectables, fine art, etc.), you will most likely need to increase your insurance coverage. The intent of insurance is to get you back where you were before your disaster. The proper insurance policies will give you that vehicle. But just having insurance isn’t enough.
RECOVER
One of our customers stated that without an inventory of his personal property, an insurance premium is just another bill. This is because without a listing and photographs of your belongings, it will be extremely difficult to remember and list everything that has been stolen or destroyed. A thorough inventory will give you that information so you can file your claim quickly and maximize your claim settlement.
An alarm to lessen the loss, an insurance policy to protect your financials, and the inventory to allow you to file a thorough claim are the full package required to prevent, protect and recover.
