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As budgets shrink we all search for any possible savings.
It is tempting to let insurance expire and use the funds to put out a small financial fire.
Think carefully!
During the last recession many in Ontario Canada cancelled their business or property insurance.
In July, at the end of 3 days of incredible heat and humidity, we had a storm that went beyond anything
I had witnessed or heard about.
Media coverage said that in 1 hour there were 20,000 lightening strikes and numerous tornadoes.
The next morning a local marina was gone, completely.
Because business had been poor early in the tourist season the owners had just cancelled their insurance.
Now they had no way to recover. Their home and business were both gone.
I thought about this on the weekend as I read my new insurance policy.
As always some of the conditions seemed farfetched and had always made me laugh–
like insurance will not cover you if a plane crashes into your house.
The recent crash near Buffalo moved the farfetched into the “could happen” column in my mind.
Insurance is certainly not a guarantee but ————.