Over just the last two years, we've seen historic levels of damage inflicted by natural disasters in the U.S. Few areas of the country are immune to such disasters, from blizzards in Texas and wildfires in California to hurricanes in Louisiana and tornadoes in the Midwest. Despite this threat, most homeowners lack the insurance coverage needed to protect their property and possessions from such calamities. One major factor contributing to this lack of coverage is the false idea that homeowners
Planning for natural disasters can be stressful and most of us are caught off guard and find ourselves completely unprepared when a natural disaster strikes. Yet, all do not have to be lost. Planning for the unknown can actually save you lots of money and more importantly, help protect your loved ones from harm or becoming traumatized by the ensuing chaos. Here are some simple tips that will help you prevent loss and get back on your feet should disaster strike.
A lot of times, people hide their Wills or estate planning docs in secret locations where they'll likely never be found after their death. Or they'll put their Will in the care of unreliable caretakers, whom may forget they even have the documents and never truly know when is the right time to present it to the family after your death. Consider this illuminating case that winded its way through the NY court system and provides a cautionary tale about safeguarding your documents.
These days, owning real estate is a tremendous accomplishment for most families. And if you're fortunate to also be an investor in multiple properties, you'll want to ensure you have the right legal and insurance foundations in place to protect your investment and ensure a roof stays over your head. As they say, it's a numbers game - the most properties you have, the greater likelihood they'll be involved in a lawsuit.