What are Your Options During a Home Emergency
Within your lifetime, your home will
likely be the most important asset you will ever own. It provides you with
security and offers you a good investment resource that’s highly likely to
accumulate additional value over an extended period of time. Given your home’s
importance to the welfare of your family and yourself, you have an obligation
to protect your investment.
Unfortunately, life happens beyond your control. Things can happen to your home that could have a material effect on the value of your biggest investment. The question becomes, “what can you do to protect your home and investment from disaster?”
Types of Housing Issues That Could Affect Your Life and Home Value
As a homeowner, you have exposure to a multitude of issues that can plague homeowners. You home could fall victim to the criminal element in the form of vandalism or theft. You will always be at the mercy of nature. That includes property damage brought on by fire, snowstorms, tornadoes, hurricanes or flash-flooding. Something as minor as a leaking pipe could also cause significant damage.
The question you have to ask yourself is as follows: “Are you prepared to take the necessary steps to protect your home and investment in case of disaster?”
The following is some information that should serve as a guideline for your disaster reaction plan.
Contact Your Insurance Company
This section is being provided under the assumption you have a homeowners or renters insurance policy. If you have a mortgage, it’s a good bet you are required by your mortgage company to maintain coverage. Otherwise, it’s incumbent on you to protect your assets. Honestly, to not do so is simply foolish. Your home and personal assets are not something you should be gambling with at any time.
When any of the aforementioned disasters hit, you need to do anything necessary to minimize damage. The next step is to contact your insurance company. Remember, time is of the essence. The sooner your insurance company can assess damage or loss, the sooner you’ll have the resources to make repairs or replace lost assets.
Don’t forget, you can and should purchase a rider that protects your assets from theft. If you have such a rider, you need to report the criminal activity to law enforcement immediately. You are going to need a police report. You should also maintain a list and pictures of all relevant personal assets. That will make it infinitely easier for your insurance company to determine the extent of your damages and give you a realistic replacement value.
A Plan for Repairs
Do not procrastinate on getting repairs. Whether you are due insurance proceeds or not, festering damage issues will usually lead to more damage. You need to contact subcontractors and find one to make all needed repairs as soon as possible. At a minimum, you should get three estimates and a clear understanding of what the subcontractor’s scope of work includes. Find the best option and get it done.
If the repairs are substantial, you might need temporary living quarters until your selected subcontractor(s) have completed work. With this in mind, have you set aside enough savings for such emergencies? Perhaps, your insurance policy allows for temporary housing. If not, you need to start thinking about how to financially protect yourself in the meantime.
Temporary Loan Options
If your need for cash is temporary, you can consider yourself lucky if you have the savings to cover the expenses. That should be your first choice. In times where you encounter an unexpected emergency, and don’t have the savings on hand, you might want to consider a payday loan as a short-term solution. If you decide to go this route, here’s a few things you should know about easy payday loans. First, you may be able to get funds in hand as little as one business day if and when your application is approved. Second, timely repayment of the loan is critical in order to avoid pileup of additional fees. Know your options and do your research before opting for a short-term loan.
Disasters happen and there’s not much you or anyone else can do about that. The one thing you can do is protect your assets and be prepared to deal with whatever it is that’s thrown your way. If you need emergency, you now know easy payday loans are available.