FINANCIAL LESSONS LEARNED: WHAT NEXT?
Picking Up the Pieces After the Storm…
Q: NOW THAT WE’VE MOVED A FEW WEEKS BEYOND HARVEY, WHAT ARE THE FINANCIAL LESSONS LEARNED?
Living through a natural disaster like Harvey creates unforgettable memories for all of us. In our 46 years, we have stood with our clients through a number of similar disasters, each one a little different. In most cases, the financial lessons learned have dealt with insurance or planning for unforeseen and out-of-pocket expenses.
Q: COULD YOU GIVE US SPECIFIC EXAMPLES?
Probably the most common take-away from the financial effects of Harvey is a reminder to stay disciplined when it comes to periodic reviews and updates of property and casualty insurance. It’s understandable that most people do not enjoy sitting down with their agent and devoting an hour or two to a detailed conversation regarding options, costs, and the various trade-offs for putting together a well-conceived insurance program. In addition to busy lives, not being made aware of its importance can make it easy to just pay the quoted renewal premiums and move on down the road another year. It is a fairly common practice at renewal time to primarily focus on cost. Thus, the quality of their program may suffer, leaving gaps for exposures for things like floods.