Not Enough Insurance? You Could Face Financial Meltdown
Last week, Investopedia ran a story on the five easiest ways to suffer financial ruin. So, what tops the list? You guessed it: Lack of insurance. The piece, titled “5 Simple Ways You Can Ruin Your Financial Life,” focuses specifically on homeowners who neglect to purchase flood insurance:
“Every year there are reports of significant catastrophic flooding in some part of the United States, and every year that means some homeowners are facing an economic wipeout. Standard homeowners insurance excludes flood damage, and many homeowners neglect to buy a flood policy.”
What the article doesn’t have space to mention, however, is that lack of health insurance is one of the biggest financial scourges facing Americans today. In fact, medical bills are responsible for a whopping 62 percent of bankruptcies in the U.S. With over 50 million Americans now uninsured–with thousands losing coverage each day as unemployment numbers continue to rise–the worst is still ahead. Whether it’s for your car, your health, your home or your apartment, maintaining an adequate amount of insurance is very important to your financial stability.