Insurance is important. Being covered in a time of need is something most take for granted. Some people prefer to save their hard earned money and don’t look at the big picture. By paying a small portion for insurance coverage people are, in a sense, budgeting for a future tragedy. No one wants to plan to have unexpected, bad things happen in life, but they do happen. Life is full of the unexpected.
Insurance policies are sold to people in case of the worst case scenario happening. Everyone with a policy pays a premium. Thankfully not everybody will need their coverage. Some people may pay for their insurance coverage, but may never need it. By everyone sharing in the expense, it relieves the burden on the individual.
My Grandfather had just purchased his retirement home in Tennessee, when tragedy struck. Before he could even move in, the lovely ranch home burned to the ground. Thankfully, he had homeowners insurance. He was immediately able to stay at a local hotel and receive funds for his everyday living expenses. The insurance also covered everything he lost and he was able to rebuild his retirement dream home.
My younger brother, Jake, was playing at school and he fell backward. He landed on his elbow and broke his arm. He was in a lot of pain and we didn’t hesitate to take him to the doctor. He had to visit many orthopedic specialists and wear a cast for several weeks. He received excellent care quickly because we have family medical insurance. Our out of pocket expenses were also greatly reduced. Now, he is able to play basketball like this injury never happened.
My father, Mark, and two younger brothers, Jake and Trey, were driving home from picking up dinner at a local drive thru, when a distracted driver ran a red light and t-boned our family minivan. The van rolled over and slid down the road towards the railroad tracks from the force of the impact. The van’s frame was bent, all the windows were broken, and all the tires were ruined. It was a horrific site. We went to the Emergency Room as soon as possible. Thankfully, there were no major injuries, except the van. Our family car was demolished. This created a big problem. Both of my parents work and now they had no transportation. We were so happy when our auto insurance provided a rental car so my parents could get back and forth to work. It covered the loss of this vehicle, too. We were eventually able to buy a new family car.
Several years ago, in 2009, our town experienced a five hundred year flood event. We received more than twenty four inches of rain in twenty four hours. Our house is on a hill, but since the rain came down so fast water streamed into our basement and garage. Everything was ruined. There was extensive water damage. Unfortunately, we did not have flood insurance. Without insurance we didn’t have access to water remediation specialists, labor and material to repair the damage to our house, or to replace any of the items destroyed. It took a very long time to finish the repairs because we could only pay for them a little at a time. We also did most of the work ourselves on nights and weekends. Recovering from this natural disaster was difficult, expensive and stressful. If we had flood insurance, our experience would have been better.
There are people that still choose to be uninsured. This can be a costly mistake especially when certain types of insurance coverage are required by law. It is illegal to operate a motor vehicle without minimum insurance coverage in most states. Mortgage companies required home owner’s insurance on the homes and property they finance. Health insurance is now also required. If people choose not to purchase health insurance, people may be subject to a fine or penalty. In these cases not having insurance may bear a higher financial cost than actually just purchasing the required insurance.
These real life tragic events happen every day. Based off my personal experience, I would recommend insurance coverage because any event could cause many repercussions. Any one of these tragic events could create a serious financial hardship for a family. In an instant, any person can become homeless, permanently injured or lose their transportation. With each case came a load of stress which insurance helped alleviate. In each of these cases, insurance coverage was available to lessen the tragedy.
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