Hurricanes & Earthquakes Are Not Everyday Risks

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Who would have thought that an earthquake and hurricane would happen in the same week?  Now who would have thought that an earthquake and hurricane would affect the same region, in the same week?

Sometimes when we think about the risks we are willing to take, our minds tend to run what-if scenarios and mental hypothesis to answer “What are the chances?”.  Our decision to either roll the dice or hedge our bets is based on our threshold of pain and pain can come in various forms that affect us financially, emotionally and even physically.  I would bet that very few of us (non-geologists) predicted an earthquake along the mid-Atlantic this year however we  know hurricanes are more probable in the Southeast and from June to November we may watch the Weather Channel more closely.  Now we know that both can happen and they aren’t always events that are spread years apart.

 
The reality is that when you think about the risks your home and valuables inside are exposed to, earthquakes and hurricanes get big media coverage.  However you could face an exponentially greater risk to your personal property from theft, fire, or breakage.

We don't ever want to think about any disasters but run these  scenarios  through your head.....

-do you or your kids ever light candles at homes? Ever forget to blow them out?
-someone uses a hair straightener and accidentally leaves it plugged in? (I drill this into my wife, whenever we leave the house)
-a door is left unlocked and you leave the house?  Have young kids?  It can easily happen.
-weather gets cold and pipe bursts?  Have expensive rugs?
-a housekeeper is cleaning (think vacuuming and dusting) near antiques, paintings on walls, glass. Urn falls off mantle!  
-lightning in the area and you are not home.  How much electronics and media equipment do you have?
-repairman is at the house helping fix something upstairs.  Did you put your  jewelry away?

 
Irene and the earthquake were last week’s news but for those closely affected now comes the reality of damages, repairs and claims. What’s your pain threshold?  Roll the dice or have a plan?  Think about the top 10 most valuable items in your home (paintings, jewelry, electronics, antiques, rugs, collectibles, etc.)  Now, your insurance company is happy to pay you for replacement, they just need to know the replacement value, make, model, description, quantity, purchase price and acquisition origin. Do you know the answers for those 10 items?  Great if you do….how would you do if you had to answer that for all of the contents in your home?  No one thinks they have much until a loss.