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Posts tagged with: renters insurance

Protect Your Financial Wealth

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For many of us saving up for retirement, our financial wealth represents a life of relaxation and easy living after decades of hard work. However, you shouldn’t be complacent thinking that everything you’ve saved will just sit idly by waiting until you retire. There is the very real possibility of you losing your hard earned wealth. Use this article as a roadmap to the various precautions you can take to protect your hard-earned assets.

Eggs & Baskets

You’ve probably heard the expression “don’t put all your eggs in one basket” countless times, and the truth of the matter is it’s said for a reason. For example, investing in the stock market when you know what you’re doing can be a very lucrative long-term endeavor; however, there is no absolute guarantee that your stocks of choice will continue to increase. The 2007-08 Financial Crisis showed investors across the U.S. that investing in just one company can result in your retirement nest egg being completely wiped out. You should always spread your money around. If you’re going to invest, it should be in stocks, mutual funds, real estate, savings and emergency funds. By making sure that you have money spread out in different asset classes, you’ll have less of a chance of losing it all in the event of another economic depression.

Get Renters Insurance

They say that home is where the heart is, but what this statement should also say is that home is where you keep most of your stuff. Whether it’s your flat screen television, furniture, appliances, or clothes, a large percentage of a person’s yearly income goes towards the stuff that they keep in their house. Despite the fact that they are used in your daily life, they are still considered as financial assets due to the cost of replacing them. Unfortunately, unlike land, stocks, and money in the bank (which has various systems in place to prevent it from being harmed or stolen), items that you have at home are subject to a wide assortment of dangers. These include, but are not limited to:

1. Robberies
2. Water Damage
3. Fire Damage
4. Vandalism

These are just a few of the possible cases that can result in you losing thousands of dollars. To prevent this from happening, you should check out various online insurance provider and perform a renters insurance quote comparison. By doing this, you can determine which insurance provider would suit your needs the best, and rest easy that your belongings are protected.

Health Insurance

You can say that you are in the prime of your life and that you feel absolutely fine with no headaches, coughs, aches or pains–but we’re not all Superman. People can get in accidents, they get sick and get hit with a host of other unlucky circumstances. With the cost of medical care today, making sure you have adequate health insurance can make a massive difference in the amount you pay. Hospital stays can cost several thousand dollars a day, and this doesn’t include the cost of doctor’s appointments, surgery, medication and the myriad different procedures that you may go through. You need to make sure that you’re adequately protected against such a possibility, and having health insurance is the best way of doing so.

Liability Insurance

Another precaution that you should take is to get comprehensive liability insurance to cover you and your family when it comes to the shared use of your cars. Accidents happen and in some cases, you could be the motorist at fault in a crash. Since you are liable, there is the potential that the injured party will try and sue you for more than what your liability insurance covers. The less expensive liability insurance policy isn’t always the better policy. By maintaining extensive auto insurance, you’ll be better protected and your finances locked tight in the bank’s vault.

Protecting your financial wealth is all about taking proper precautions. Use common sense and an analytical mind and you’re sure to enjoy your retirement. Just remember, when in doubt go online and do your research!


“Crappy” Day

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Warning:  Pretty graphic details to follow so if you have a weak stomach….you’ve now been warned.

Friday started out pretty normal. I took the girls to preschool, hit up the gym, and settled into working at the JCC. About noon I had to come home because I was expecting a package that required a signature. I got home, ate lunch, and jumped in the shower. I took an indulgently long shower. This is one of the areas that I’ve tried to cut-back since I’ve been blogging away my debt but a long, steaming-hot shower is one of my favorite weaknesses and on this day I decided to be indulgent. My shower lasted probably close to 20 minutes. As soon as I turned the water off and stepped out, I heard the unmistakable sound of water running.

“Hmm, that’s weird,” I thought. “I didn’t accidentally leave a sink running in the kitchen, did I?”

I grabbed a towel, wrapped it around me, and walked out of the master bedroom into the living room. At that point I see it. Water is streaming from the second bathroom. Still nekkid (save the towel), I run down the hall way, splashing through water to get to the second bathroom. At this point I see water just pouring from none other than the toilet. Sewage water, to be exact. I grab the plunger and furiously start plunging (totally naked at this point, as I’d had to abandon my towel to plunge with both hands), but the river flowing forth from the toilet is undeterred.

I’ve never dealt with plumbing issues this severe. I’ve learned a lot since this point (ummm…turn off the water to the toilet!!!), but at the time I had no idea what to do. I’m running around the house screaming and trying to stop the tide of water from entering the bedrooms by throwing towels down on the floor to act as little barricades. Finally the water stops.

I call Chris frantic. I tell him we have an emergency and explain the situation. I don’t think he realizes the full extent of the situation. He tells me to simply mop up the water and he’ll handle a deep cleaning when he gets home. I do what I can to try to mop up a bit and I had successfully kept the water confined mostly to bathroom, hallway, and laundry room (all tiled areas of the house).

Next I do what any person who has just splashed in sh*tty water would do. I take another shower.

This time it’s a quickie. I basically just soap up my hands, arms, feet, and legs to get the sewage water cleaned off of me. I turn off the shower and I hear it again. The toilet in the second bath is freely flowing like a raging river of crap water. Again.

I throw on a robe and race from my room in horror. This time I call my Mom in tears and explain what’s happening. She guides me through turning off the water to the toilet. I call Chris, explain the full extent of the situation, and he heads home. At the end of the ordeal we have literally two inches of water in the bathroom, and it has now expanded into at least 2/3 of the house, including the baby’s room, the guest room, living room, and into the kitchen.

I am absolutely frantic. There are actual human turds floating down the Ganges River that is my hallway. I have never seen or dealt with anything so uniquely disgusting and horrifying and it is about this point that I have a breakdown, sobbing as I watch the water soak into our beautiful living room rug, overtake the baby toys scattered about, and ruin everything in its path.

I’m sure you can imagine how the next several hours went.

We called our landlord who came out to assess the situation (we rent from a private individual, not a company). He called his home owner’s insurance, who came out and sucked up the water and set up huge fans to dry. A plumber came out and discovered that there is something wrong with the line out by the street. What I didn’t know earlier (while taking my long shower) was that all of the water that was going down the drain from my showers was meeting a blockade and somehow in the pipes it forced the closest thing (the sewage water) to come back up in our home. We were also told the problem would not be able to be fixed until at least Monday (at the earliest).

We gathered up some essentials and moved into a hotel.

I never did finish my job applications. It’s now 3:00pm (Tucson time) and not looking likely that I’ll finish them in time. I’m also hopelessly behind on grading first due to the girls’ being home sick and now due to this situation. I want to go to sleep and just wake up middle of next week and have everything be done. If only it were that easy.

But let’s look at the bright side of things. This situation, although disgusting, isn’t all doom and gloom.

  • I’m so glad we rent! It’s no secret that we’d like to be home owners but when situations like this arise, I’m so, so, so glad that we aren’t the ones footing the bill.
  • I’m so thankful we just renewed our renter’s insurance. The home owner’s insurance only covers damages to the house (e.g., if drywall or flooring needs to be replaced). Our renter’s insurance will have to step in to cover any damages to our personal property.
  • I’m so thankful we have a healthy emergency fund and that we live on last month’s income so we have a big buffer in our checking account!
  • I’m glad I’ve had a chance to calm down and gain some perspective. When this first happened I was literally like, “WORST DAY OF MY LIFE!!!!” That’s just silly. Yes, its a huge inconvenience. Yes, it’s freaking disgusting. Yes, it has screwed me with work. But it’s not the worst thing ever. We are all safe, healthy, and happy-ish (the girls get a lot of anxiety over the new situation so they’re not exactly happy campers). But we’re all in one piece, and that’s something to be thankful for.

I’ve already spoken with a claims person from our renter’s insurance and will need to work with them on reimbursement of various things. We will for sure end up paying our deductible ($500), but I believe they should replace damaged items and cover our costs for a hotel.

There are plenty of other financial implications from this situation. Unable to access our home (and the main water has now been turned off…not just water to the toilet), we have had to eat out for dinner last night and all day today (and will continue having to eat out throughout the weekend). We haven’t talked to our landlord about what our tenant’s rights are (will he cover any of these costs??) because right now we’re just in survival mode – hanging out a hotel and trying to keep things as “normal” as possible for the girls’ sake. That’s the most important thing to me. Next week, while the girls are at preschool on Monday, we’ll have to deal with all the financials further.

I’m going to be 100% honest and say I don’t know how much I’ll be able to check in for the next few days. I will try to keep you all abreast of what’s going on but this is still very much at “minor emergency” status in our lives as we are displaced from our home and trying to make things work. My order of priorities in the coming days is as follows:

1 = family

2 = work

3 = house drama

4 = everything else (which includes blogging)

Sorry to be so brutally honest but I’ve got to keep it real with you AND with me and not make promises I can’t keep. I hope to be back on Monday with some sort of update but if I’m not then you know what’s going on. We’re all safe and healthy, but just dealing with some major life drama right now.

Thanks so much for the support!


Scary Reminder

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Something terrible happened in a friend’s life this week (to be fair, its my bro-in-law’s best friend, he was the best man in my sister and bro-in-law’s wedding. I’ve only met him once, when I was MOH and he was Best Man. Anyway….).

Mark had used a portable grill to grill some dinner while his pregnant wife and son played inside. After they ate Mark thought the grill had cooled, so he brought it back into the garage.

I don’t know the exact timing of things or sequence of events but at some later point that evening, Mark smelled smoke. He opened the door to the garage and saw that it was fully engulfed in flames.

He ran inside to get his wife and son and they ran outside with only the clothes on their backs. His wife had grabbed her cell phone. That was the only material possession they had (and they promptly called 911). Watching the fire blaze, Mark’s pregnant wife’s water broke. The stress had caused her to go into early labor. Being that both of their cars were in the garage she had to call 911 again. This time, she had to ask for an ambulance to take her to the hospital (being that both their cars were currently on fire).

They went to the hospital and Kirsten delivered their sweet baby girl (although slightly premature, the baby and Mom are both fine, thank goodness). But now they have nowhere to go, no way to even get the baby home (no car seat, no car), and one other thing…..they were renters and did not have renter’s insurance. They literally have nothing to their names.

It’s a terrible thing. Thankfully they have each other and everyone is safe (that’s the main thing). But its still devastating. Perhaps moreso, given the new baby.

When it happened, my Mom called me in a panic:  “I’m so worried about you guys! You have renter’s insurance, right???”

Of course we do, Mom!

……..

Wait a minute…..do we?

We moved into our current place (where we rent) at the beginning of last August. At that time we had paid in full for one year’s worth of renter’s insurance. Being that we’re now at the end of August, our policy has lapsed and we are currently uninsured. Guess what I’m calling about today to renew? Yep – renter’s insurance.

Let this be a reminder to all of you who rent. Renter’s insurance is one of the cheapest forms of insurance that you can buy. Please, please, do not let yourselves be uninsured.

 

If you feel inclined to donate to this family, a Go Fund Me has been set up here.  Please do not feel at all obligated, they have had an outpouring of love and support from friends and family, so I’m sure they will end up being okay. I just wanted to share (and to add legitimacy to the story – pictures are included on the Go Fund Me site).