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Don’t Let Disaster Put You In Debt

Don’t Let Disaster Put You In Debt

Life’s disasters often aren’t just emotionally challenging, but also financially challenging. Here are a few ways in which you can avoid getting into debt when disaster strikes, both by taking preventative measures and by seeking financial help afterwards.

Insure yourself

Many disasters can be insured against, allowing to seek out financial compensation for any damage caused. Home insurance is a popular form of insurance that could protect you against damage caused by fire, burglary or even natural disaster. Insurance rates can vary depending on how high a risk you are. For instance, if you live by a river, home insurance may be very high due to the greater flood risk (some insurers may not even insure you at all). Shop around for quotes to find the best rates.

Start a rainy day fund

An alternative option to insurance could be to start setting aside savings just in case disaster strikes. This is often known as a ‘rainy day fund’ and could work out cheaper than paying for insurance, providing you have the willpower to not dip into your savings for non-emergencies. Look for a high interest account that will gain you money even when you’re not contributing money into it.

Know your legal rights

If it’s too late for preventative measures such as insurance and savings and the disaster has already happened, there may still be measures you can take to cover costs without resorting to a loan. One option could be to claim legal compensation if you feel that an injustice has been done against you. Such an injustice could include a car accident that has caused injury or even death – by hiring the best personal injury attorney you can find, you can then make a legal claim and win the money you deserve. You can make a legal claim without the help of an attorney, but your chances of winning the case may not be as high.  

Seek help from friends and family

Family and friends are likely to offer their support in the event of a disaster. Don’t turn down this support if you really do need it. Even if no support is offered, don’t be too proud to ask for it. You could even make a post on Facebook asking people if they can offer their support in any way.

Look into charity support

It’s possible that you could also be eligible for charity support. There are specific charities set up to help victims of all kinds of disasters from fires to life-threatening illness. Try applying to these charities and see what support they are able to offer – you may be surprised by how giving some of these organizations are. You can find such charities online. 

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