Always maintain the proper insurance.
Insurance – on so many levels – ensures wealth. If you are
not properly insured, you can, and probably will, create a very
serious financial liability for yourself and your loved ones. Health
insurance allows us to use the full benefits of good medical tre atment.
Car insurance will guarantee us the peace of mind of pro –
tecting our property and losses while driving the highways with
uninsured drivers. Homeowners insurance allows us to protect
our most important asset, because a fire, flood or burglary is a
very real possibility. Life insurance will allow us to leave something
to help our loved ones achieve their dreams in our absenc e.
Remember, we must build our own dreams, but it is also our duty
to help others build their dreams. I even have homeowner warranty
insurance. This covers all appliances in the home – central
air and heat, refrigerator, washer and dryer, range, oven, garbage
disposal, hot water heater, etc. I pay $34 per month and would
not live without it. As an example, last summer, my air conditioning
unit went out, and you know how hot it gets in New Orleans
in the summer. I called my warranty company, and they sent
someone out to fix the problem. The cost was over $3,000, and
I paid nothing other than my monthly warranty rate of $34. No
deductible or hidden surcharges were required of me. My dryer
went out a couple of months ago, and it was repaired by my war –
ranty. The warranty covered all expenses. I did not have to touch
my emergency fund, savings account or, worse still, a credit card.
Some would say: “I cannot afford these insurances.” Well, keep
looking for a job that offers good medical/health insurance; sell
the car if you cannot afford the insurance; look for smaller insurance
companies for a good homeowners policy (or downsize or
purchase a smaller home); and do the same for life insurance.
Stop making excuses! My church did not have the proper flood
insurance, and we suffered mightily after hurricane Katrina because
of this oversight. We still have not fully recovered!
Devin Oten
DO Enterprises
www.DevinOten.com
Writer, Public Speaker and Philanthropist
March 11, 2013