Wealth counts directly related with housing crisis and loans.

Wealth counts – it is that which ultimately matters in whatever form, either today or tomorrow. A natural calamity can happen any moment. The oil leak is just a reminder that there are other woes that can suddenly descend – hurricanes, wild fires, floods and you name it. Even the housing crisis is a catastrophe for the lenders who had not insured the loans. It can affect you or me – anybody. Reminders are being given by the insurance group about these sudden eruptions at the beginning of the hurricane season. Predictions are that this season is going to be unusually tough.

When a storm breaks, the first priority is to get out of the house. But looking at it from a financial angle the attention should be on protecting the property even before the storm broke.

Those living along the coasts of Florida have come to learn the tough way about storm shutters and special types of constructions. Robert Courtemanche of ACE Private Risk said that the residences more upwards the East Coast are not so well protected. Carolinas often get battered by hurricanes. Here the building codes have not become at level with those of Florida. Many houses on Long Island did not have either shutters or reinforced windows.

Courtemanch said, “The theory goes that with global warming, sea temperatures are going up, and that increases the likelihood of more severe storms further up the East Coast.”
Those living deep inland are vulnerable to wildfires along the West Coast and to hailstorms; even windstorms could cause damage to the house.

Thus irrespective of the potential threat, one should be prepared and not take any chances. Scott Spencer quipped that it doesn’t mean should dump all the valuables in a vehicle and head for the highway; it means chalking out a plan.

Each year hurricane strikes coming from the Atlantic and gushing into the Mexican Gulf. But each year people are caught unprepared on the wrong foot with dislocation, damage and death. Millions of dollars go down the drain. A study shows that a mere 50% of the citizens have compiled an inventory of their possessions incase they have to file for an insurance claim. In the South 26% of the residents (Louisiana and Mississippi 32%) were under the erroneous impression that the homeowner’s policy gave coverage to damage caused by hurricane caused floods. Wind damage is covered but not damages from floods.

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