Having insurance on our property be it our homes, cars, possessions, etc, is always a wise financial move. In fact, it is law to have your auto insured, but even if it wasn’t a law, it would still be a solid financial move.
We don’t plan on making claims against our insurance policies, but it is good to know they are there if we need to place a claim. It protects us from a loss, be it the loss of our home or car, to the loss of anything that can be insured.
But the insurance also is there to protect against the unknown. We never know when Mother Nature may throw us a storm, or an accident might occur.
In Germany this past July they had a massive hail storm in the Lower Saxony and Baden-Wuerttemburg area of the country. The damage from this storm is amounting to claims in the region of 600 million Euros.
This equates to about 40 million Euros worth of damage per minute that the storm went on for.
It was also stated that the reassurance claims could be more than 10 million Euros.
That must have been one hellacious hail storm!
Of course having witnessed hail storms and some pretty big ones in the past, you can see what kind of damage they can do. There can be damage to cars, homes, and especially crops. These kinds of claims for crop losses can be huge.
So once again Mother Nature throws a storm at us, and once again the insurers are there to make it all right.