I picked up a truism somewhere: " Everyone loves their insurance until they need to use it.”

This is certainly true about health insurance: navigating our tangled web of networks, coverages, prior authorizations and annual deductibles can make your head spin. I wish I had the answers to what ills our healthcare system, though I did write about a few options early retirees have for securing health insurance before Medicare age this past month. Stay tuned for more about Medicare in next month’s newsletter, and remember, open enrollment begins October 15th.

I did, however, have a run-in with a different form of insurance after our family was rear-ended on route 64 over Labor Day weekend. Everyone involved was un-injured, but three cars were totaled, including our beloved 2016 Honda Odyssey. Because we were not at fault, our insurance company was not involved in the claims process. Nevertheless, this experience reinforced the importance of having ample liability insurance, especially uninsured/underinsured motorist coverage which protects you.

I’m so thankful that nobody was hurt, but couldn’t help thinking what if someone were? The state of Virginia only requires motorists to have injury coverage of $30k and property coverage of $20k. If the at-fault driver had minimum coverages, his policy would have covered only a fraction of the damages, even without sending someone to the emergency room. Skimping on insurance coverage is no place to save money. When it comes to liability insurance, you should carry as much as you can.

The devastation from hurricane Helene to Florida and western North Carolina brought another sad reminder that many things we hold dear can be washed away within hours. Homeowners insurance policies do not cover damage caused by floods or rain, and many folks who would not have considered themselves to be located in a flood zone discovered they were. My heart goes out to the communities that were impacted, and we should all join together to support them with our time and resources as they grieve and pick up the pieces.

When the flood waters recede, take some time to review your own situation. Make sure you understand what’s covered and what’s not. While you cannot protect yourself from every risk, the time to consider whether you’re properly insured is before the unexpected happens.