As winter transitions into spring this year, severe weather systems will move through the United States. Floods, earthquakes, and hurricanes will cause billions of dollars in damages, affecting millions of Americans and their families. Many of those affected by these disasters assume that their home insurance policies will cover the damages; however, standard policies don’t include damages incurred in areas that are considered high risk. If you’re one of the millions of Americans who aren’t fully covered by your policy, making necessary repairs to your home can be costly – if not impossible. Having a line of credit can help you pay for expenses and bring your property back to normal.
Most home insurance policies cover damage done to your home and your belongings, while also offering liability in case someone is hurt on your property. With several different levels for property damages available, you can choose which coverage is best for your home. For the most part, the average policy makes your insurance company responsible for damages caused by events like fire, theft, and excessive wind. Natural disasters that are considered “acts of God” or unpredictable weather events are also covered by most home insurance policies; nevertheless, any disaster that is considered predictable (like tornadoes in Tornado Alley) will not be covered by standard policies. In these areas, you would have to take out extra coverage specific to the disaster.
As a renter, you may think that you’re safe from making repairs to your apartment or town home, but you too can be negatively affected without proper coverage. Your landlord will have insurance to cover repairs to the physical structure of your building, and he or she is legally responsible for restoring your apartment back to the way it was when you signed your lease. However, your landlord’s insurance policy is not accountable for any damages done to your personal belongings. The cost of your building’s structural repairs will be covered, but without your own rental insurance, you’ll never see compensation for valuable items damaged by floods, earthquakes, or any other disaster.
As a homeowner, if you haven’tpadded out your general homeowners insurance with disasters in mind, you’ll be held responsible for most (if not all) of the necessary repairs. In case of a flooded basement, the removal of damaged property, mold inspection and treatment, installation of new flooring, walls, and ceilings, and replacing all of the appliances such as televisions, washing machines, and furnaces can come with an overwhelming price tag. Without help from your insurance company, you’ll be left wondering how you can make any of these repairs on your own.
A line of credit acts an excellent safety net that can help you and your family when disaster strikes. With a higher credit limit that’s based on your monthly income, it can be a better alternative than other loans. Depending on which state you live in, you can initially qualify for $1,000, receiving more credit as you establish a responsible repayment plan with your lender.A study by the University of Chicago has suggested that those Americans faced by disasters actually fared better with the help from third party lenders. Convenient and simple lending processes from such companies can match people with necessary cash advances when they need them, so they can make repairs to their home without delay.
When you apply for a line of credit from a reputable third party lender, you know that your loan will be drafted under strict regulations according to your own state’s laws. MoneyKey is a lending company that guarantees all of its policies follow industry and state standards and makes all of its terms and conditions available to you before you sign your loan. They understand how devastating it can be to have to pay for unexpected emergency expenses, so they make acquiring a loan as simple and transparent as possible. Speak with the dedicated Moneykey customer care team to see what limits and rates are available to you. A representative is available by phone, email, or online chat to help you during your trying time.