No matter how well we plan for our future and federal retirement, things happen because we do not live in a perfect world. As we age, we will invariably encounter more and more health problems.  We need to prepare ourselves for those things we have not necessarily planned for. We don’t plan for a death, a serious illness, or countless other calamities,  but when they happen we must have a back-up plan.
Serious illnesses and sudden death can often derail a family’s financial stability.  Families that are accustomed to a two-household income may need to start planning early for the – what if – one income is gone. We need to think about whether we have enough coverage to take care of a disaster in our home or in our lives. We need to save not for a rainy day but for a tsunami.
I would like to share a personal story. I have lived in my home for nine years and never had a need to file a claim with my insurance company. A guy was mowing my lawn once and a rock hit the patio door and it crumbled like a beautiful pattern inside of the plastic casing. The guy was my brother-in-law, so I absorbed the replacement cost and moved on. No need to contact the insurance company.
But things happen. Doing a load of laundry and suddenly there is a tsunami making its way from the upstairs laundry room into the dining room via the chandelier. I rush, grab buckets, toss blankets and towels all over the floor to abate the water damage. Remember I have never filed a claim, so I don’t know how the entire process works.
I call the insurance company and tell my story and then I start looking for a company to dry up the water. I am completely out of my element. I don’t know what to do. Finally, I get a very compassionate insurance representative on the phone and she guides me through the process. She said, “We should have sent someone out to dry up the water immediately. ServPro will contact you shortly or you may use another company.  No, I said, “ServPro is fine. I want to get back to my life.”
Ceiling and walls were damaged, subfloor and tile severely damaged in laundry room, carpet damaged, electric outlets no longer functioning, gas fireplaces won’t come on and the microwave is completely silent. Plugs are not responding to electrical signal. I am now frightened the house is going to catch on fire, mold is going to take over the house and THINGS HAPPEN.
Finally, I get a contractor I think I can work with whose estimate is significantly different from the Insurance Adjuster. Hold it, the story has not ended. The house is still in disarray, oriental rugs have been sent out for cleaning. I am becoming very familiar with the local laundry mat, and the house’s pleasant smell is gone and so am I.
I am not living in my house right now and the insurance company is not happy about paying the claim based on my contractor’s estimate. Now tell me why did I not file a claim in nine years and decided to take care of small things myself? I have more than enough coverage; yet, the insurance company is in no hurry to settle the claim and let me get back to living my life.
Things happen no matter how well we plan so the best course is to be prepared, stay calm and know that all storms, not matter how bad, pass over. A lesson to me that I would also like to share. Even if you never file an insurance claim, at least know before hand how the process works.  It makes things much easier.
P. S. Always Remember to Share What You Know.
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