We don’t mean to spread doom and gloom but the way 2020 has gone, it’s a good idea to be prepared at all times.
No one expects an amazing occasion like Thanksgiving to end in disaster, but it happens.
From rash driving to accidental fires, the festive occasion can turn gloomy, if one is not careful. About 49.3 million people are on the roads during this time, which increases the chances of accidents. In 2018, more than 300 people died from road accidents on Thanksgiving. Even for those who survive the traffic accidents, there’s no guarantee their vehicle will. Without adequate insurance, the festive occasion can end up in a massive financial disaster.
Apart from road accidents, Thanksgiving celebrations may also lead to residential fires that damage life and property.
As the occasion is celebrated with home-cooked meals, faulty appliances, and inadequate preventive measures are often the root causes of these fires. Nearly 2,400 residential fires were reported on Thanksgiving in the 2014-2016 period, leading to losses of around $7,800 per fire. Cooking caused 76.5% of these fires, followed by heating and other causes. This apart, food poisoning, falls, and slips are also common during Thanksgiving when houses are swarming with guests. Although the crowd will be thinner this year, it is unwise to take chances, right?
Our point is that insurance needs to be at the Thanksgiving table this year to minimize the loss from uncontrollable incidents.
How can insurance help ensure a safe Thanksgiving?
The two common insurance covers that can reduce the damage caused by Thanksgiving disasters are home and automobile insurance. If there is an accident, the homeowners’ insurance can prevent financial losses. Most of the fires are caused by turkey fryers that require huge amounts of hot oil. If nothing else, splashes and spills from the cooker can burn things close by and household items. All homeowners’ policies have some form of fire insurance, but you need to be sure to prevent unnecessary hazards.
If you inhabit a rented home, you should look into the renter’s insurance policy to see if it covers accidental fires from cooking mishaps or faulty appliances. Talk to your landlord regarding any issue and get the insurance updated, if needed.
Here’s a checklist to understand what you need to maximize your protection in the face of such incidents:
- Fire insurance – Besides the regular homeowners’ policy and renters’ insurance, you may buy additional protection for Thanksgiving. The insurance could cover accidental fires from diverse causes, including electrical faults, outdated appliances, gas explosions, as well as natural disasters, like lightening. Buying it will protect your home on Thanksgiving and throughout the holiday season.
- Comprehensive policy – It will cover all kinds of hazards that may arise on such festive occasions, including thefts, burglaries, third-party damages, and of course, fire accidents. Discuss your specific requirements with the insurer before investing.
- Personal liability insurance – If an unfortunate incident on your property causes injury or damage to someone else or their property, your personal liability coverage will help pay for the expenses. However, the situation should be unintentional for the claim to get accepted. Well, if you end up in a fight with your neighbor and injure him, the insurance will not pay for medical or other expenses.
Coming to traffic accidents, this year, the density of private cars on the road could be higher as people avoid flying due to the pandemic. This means a greater chance of accidents. Hence, it is essential to check if your auto insurance covers the potential risks of vehicle damage and physical injuries.
Some of the insurance covers that you should have in place are:
- Property damage liability insurance – It will cover the losses caused to other properties except yours, like another vehicle, lamppost, roadside structure, etc.
- Physical injury liability insurance – If you are responsible for causing a massive injury to someone with your car, this insurance will come to your rescue.
- Personal Injury Protection Cover – This insurance covers the medical expenses of the driver and the passengers involved in the accident by the policyholder’s vehicle.
- Collision and comprehensive insurance – Both these covers are essential to reduce the financial expenses of getting your valuable asset, i.e., your vehicle back in shape after the accident. While the collision coverage is applicable for damages caused by collisions, the comprehensive insurance covers losses due to theft and damages caused by anything other than a collision. Natural disasters are included in the latter policy.
- Underinsured Motorist Coverage – If you are hit by a vehicle whose owner does not have enough funds to recoup the loss, this insurance will help you get the repairs done.
Are you covered adequately? Check if the auto-insurance cover you have offers the above-mentioned benefits.
So, you see how important it is to get insurance at a seat at the Thanksgiving table? We would love for you to enjoy the holiday with your family and friends. Even a speck of anxiety or unplanned expenses can spoil the mood of the occasion. Won’t getting the right insurance help to avoid that?