The very notion of an emergency is that it wasn’t expected, but even with an unexpected event, there are still ways to prepare in advance. The best way to deal with a sudden job loss, for example, is to keep your CV updated and your savings healthy so that you can afford to survive the job hunt. On the other hand, the best way to prepare for a car accident is to ensure that you have underinsured and uninsured policies as standard with your insurance.
Typically, the best way to prepare for any emergency is to confirm that you have the financial means to safely buffer the situation until you can stand on your own two feet. Whether this is through saving, knowing where to go for an emergency loan, or investing in the right insurance policies, these are the best tips for 2020:
Have a Go-To Loan Broker
If you want quick loans to cover an emergency cost, then you need to know who to turn to in advance. A choice that is fast, easy to apply to, and reputable is a must. When choosing which lender to use, also double check that you can apply for such a loan with your credit score or history. That way, if you need bail for a friend or loved one, for example, then it doesn’t have to come out of your pocket. Or, if that boiler is too expensive, you can still pay for a new one.
Invest in Comprehensive Coverage
Being stingy on your insurance or healthcare coverage is not going to help you when you actually need it. With auto insurance, for instance, you need to have uninsured and underinsured driver coverage. A lot more drivers than you think are illegally driving on the roads without a policy. Even if they do have a policy, it might not be enough to sufficiently cover damages.
According to this CNBC article, it is actually a good idea to get additional travel insurance no matter how comprehensive your auto or health coverage is. This will cover the missing gaps in your policies and make it more stress-free to travel out of state.
Know Which Friends to Turn To
Asking friends if they could take care of your kids if anything were to happen to you in advance is common courtesy. Obviously who your kids go to in the event of your death will be a different conversation, but small emergencies can also be worked out in advance. If you have to stay late, can a friend who lives nearby pick up the kids? These questions are best asked beforehand.
Know Your Rights
The easiest way to lose out during an emergency is to not know your rights. That is why you should always ask for advice from a professional, or hire a lawyer before you sign anything. It doesn’t matter if you think the settlement is great if there is a small print that would restrict your rights.
Legal protection is a must when you have been injured due to someone else’s fault, so hold off on making any big decision, no matter how pressing, until you get a second opinion. Additionally, never sign something you don’t explicitly understand.
