LINCOLN, R.I. – April is National Financial Literacy Month, and Amica Insurance is offering five tips to help you financially prepare for the unexpected.
Emergencies and weather-related disasters can occur at a moment’s notice, so it’s important to be ready. As a result, Amica is sharing the following tips from the Property Casualty Insurance Association of America:
- Conduct an annual review of insurance policies and limits: This will ensure that you are adequately covered to handle a catastrophic loss.
- Talk with your insurance company about additional coverages: These coverages will help protect against things like floods and earthquakes, which are not typically covered under a standard homeowners policy.
- Find ways to reduce potential damage to property: Taking these precautions can lower insurance costs and shorten the recovery time after a disaster.
- Make a home inventory: Having a record of all of your belongings will help when reporting a loss to the insurance company so that you are fully compensated.
- Prepare for power outages and other issues that could impact finances: As severe weather approaches, fill up your gas tank and take out cash to pay for temporary housing or food.