Disaster Insurance

 

Disaster insurance exists in many forms – homeowner’s insurance, renter’s insurance, auto insurance, life insurance, health insurance, unemployment insurance, etc.  There is also another very important type of disaster insurance and that is self insurance.  Self insurance is simply investing one’s own money into a variety of ways to make sure we are covered in the event of a disaster.

 

First and foremost, I have an emergency fund.  This fund is to cover any unplanned or unexpected expenditures that I cannot manage any other way without going into debt.  It can also cover my insurance deductibles and co-payments.  I keep this fund in a separate account at my bank in a high yield savings account.  Gratefully, I haven’t needed to use it and I hope to continue that trend.

 

At home I keep my long term food storage (LTFS) and nonfood storage well stocked.  This allows me to purchase food and nonfood items I use on a regular basis when they are on sale or at the lowest possible price and keep a quantity that will last at least two years.  Why is this important?  Because one never knows what the future may hold and by having this cushion I’ve been able to navigate job losses, extreme weather conditions, sudden inflation spikes, panic shoppers, health issues and so forth.  Having my LTFS allows me the peace of mind to better face whatever the future may hold.

 

Having a backup power source is something that has served me well over the years.  I keep a solar generator and solar panels on hand.  We are prone to power outages and it is imperative to have a way to plug in a freezer in summer or an electric blanket in winter until the power comes back on.  Solar panels allow me to recharge the generator even while it is in use.  My camp stove and extra fuel for cooking have come in handy more than once.  I also keep a kerosene lamp and kerosene, candles, matches, flashlights and extra batteries plus a few USB lights at the ready for lighting.

In the garage I keep a supply of water on hand for flushing toilets and washing hands.  I keep paper plates, paper towels and plastic utensils to eat with so I won’t need to wash dishes and waste water.  In my LTFS I keep a supply of drinking water as well as filters for my water filter pitcher.  Wipes, first aid supplies and extra medication are also part of my long term storage.

 

Disaster insurance takes many forms.  Take a look around your house and see if there are ways you can better improve your preparedness.  What is most important to you?  What are some of the ways you self insure in case of a disaster?