Flood Insurance & Disability Insurance

With natural disasters so prevalent these days, the one thing we can take away is the need for insurance. Hurricane Katrina showed us the need for flood insurance. The Southern California wildfires have showed us the need for fire insurance. And so on. Estimates of some 40 percent of New Orleans residents had no form of flood insurance pre Katrina even though the New Orleans is a high flood risk area. This is not at all out of the norm. It’s estimated that only about a quarter of homes in high risk areas are even insured for fire or flood insurance. This is unfortunate because flood insurance is some of the most affordable insurance available. It may take some individuals a lifetime to realize the American dream and purchase a home, but we’ve seen first hand how quickly that dream can be destroyed. So, if we can take anything good away from these recent disasters it’s the importance of being protected, especially for higher risk areas. Flood insurance isn’t the only important form of insurance. Disability insurance provides protection for you and your family as well. The question you need to ask yourself is that will you be able to provide for your family if you were unable to work. Disability insurance is a very valuable form of insurance that protects your income. It’s not just for the construction worker who needs to protect against injury. It is actually quite common for sickness or illness to sideline your career. Some 12 percent of the working class will have a disability lasting greater than 5 years before they retire. That’s a large number and a long time to go without income. You can’t just rely on workers compensation, as the accident would have to happen at work. Again, it’s important to remember that most disabilities happen from illness and not injury. Disability insurance protects against both.