Do You Really Need Disaster Insurance?
Having a disaster insurance policy can be a life-saving investment that you'll never regret. But if you're not sure whether it's the right decision for your situation, check out these three reasons why disaster insurance is crucial:
1) It covers what other policies don't.
2) Covering your losses and repairs after a disaster cuts down on financial setbacks.
3) It's available to anyone in the United States, from homeowners to renters to people who live in apartments or condominiums. Disaster insurance is always there for when disaster strikes.
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Now, here's a wealth of information about the insurance you can purchase to help protect you and your home against many types of disasters. In addition, you'll learn all about what to do if a disaster does strike.
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Disaster insurance is also referred to as "event" or "catastrophe" insurance. This type of coverage is designed to protect you from loss or damage due to certain types of events that are not covered by standard homeowners' policies. In effect, it provides you with a financial buffer against a wide variety of non-covered situations. T hese are events that are known as "catastrophes," "acts of god," "acts of man," and "acts of terrorism." The policies are often called catastrophe policies, but may also be referred to as earthquake insurance, flood insurance, storm insurance, fire insurance and other types.
May - the Month You Need to Buy Disaster Insurance
You can purchase disaster insurance anytime during the year. But your options change based on when you purchase your coverage. Here's what works best depending on your needs:
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During the Open Season:
April 1st through June 30th. Even though you have a portion of the year when you can purchase coverage, it's best to do this in the spring and fall. When you're able to get coverage in these months, more insurers will be willing to sell it to you. And the price has a tendency to be lower than it is later.
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After the Open Season:
June 1st through September 30th. It's best if you buy your coverage after this period of time since there are fewer companies competing for your business. And many companies offer discounts as part of their sales programs during this time period so that they can attract new customers and improve their margins on those policies that they already have on file.
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During the Season:
October 1st through March 31st. In the later months of the year, most insurers will only offer you policies that are short-term, renewable or supplemental. There are some reasons for this: insurers know that it will be hard for you to purchase immediate coverage during those months. And they also know that they can charge you more for coverage since most people won't buy it at that time. This works in their favor and helps them make more money off of each policy.
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Long-Term Disaster Insurance:
Other types of policies exist if disaster strikes at a time when you weren't planning on getting coverage available. You can buy what's called a "long-term disaster policy." These policies are usually 100% permanent and will last for the period of time that you designate for the policy. After that period has passed, you'll need to re-insure your property or buy shorter term coverage.
There are times when disaster insurance may not be available to you. These include:
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When You Move: If you move into a different location, the new homeowners' association will most likely require that you have a new policy. It's important that you check with them regarding what type of insurance they'll accept and whether or not an existing policy will be replaced by your new one.
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When You Buy a Home: Most policies will start applying to your new home as soon as you move in. If the purchase is financed, your lender may require that you have a policy in place by the time it's transferred to them. In some cases, this may be within a few days of arriving at your new residence.
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When Your Property Is Purchased: You don't have to apply for a new policy when you buy or acquire a home with insurance on it. The coverage that was in place at the time of purchase will continue on until they expire or are no longer valid. In other words, the coverage you had before will continue with you even after your old policy expires.
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Before You Move to a New Home: There are times when disaster insurance may not be available to you. These include:
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When You Move to a New Location: If you move into a different location, the new homeowners' association will most likely require that you have a new policy. It's important that you check with them regarding what type of insurance they'll accept and whether or not an existing policy will be replaced by your new one.
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When You Buy a Home: Most policies will start applying to your new home as soon as you move in. If the purchase is financed, your lender may require that you have a policy in place by the time it's transferred to them. In some cases, this may be within a few days of arriving at your new residence.
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When Your Property Is Purchased: You don't have to apply for a new policy when you buy or acquire a home with insurance on it . The coverage that was in place at the time of purchase will continue on until they expire or are no longer valid. In other words, the coverage you had before will continue with you even after your old policy expires.
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Disaster insurance is affordable because it's in place to help mitigate losses. Any time you purchase a policy, it's an investment in the future of your home and family. Make sure that you protect yourself and your family from disaster by taking a few minutes right now to check out these plans: http://www.insurancecompaniescompared.com/ are helpful in finding the best possible coverage for pocketbook.
The Top 10 Most Common Natural Disasters in America
1: Flooding 2010 : An estimated 2,000 deaths occurred as a result of flooding between 1998 and 2008 .
Conclusion:
The above facts and figures only indicate that natural disasters like floods, earthquakes, and tornadoes are affecting the lives of people of America and causing lots of damage to properties. It is necessary that the people take all precautionary measures in order to be safe from such disasters. It is also necessary that while there is sufficient money available for this purpose, they should leave a margin so that in case a disaster strikes then they may be prepared for it. The overall cost of reducing the damage by preparing against natural disasters will be much less than the losses caused by not taking any precautionary measures against them.
Naturøkonomi ("nature economy") is an economic system where industries are designed to create products which have minimal environmental impact .