FINANCIAL PLANNING STRATEGIES FOR SEISMIC RETROFITS
Some Oregon homeowners have sufficient financial resources that if there were a loss from a severe earthquake in Oregon it would be tolerable for them. Personal attitude about risk and your personal financial situation determines how you plan for an earthquake that could strike in Oregon.
If your home is not retrofitted and if you do not carry earthquake insurance you need to determine how much can you afford to lose?
If you do not have a financial plan in place you need to take steps to prepare and protect yourself. The reason for this is people believe that after earthquakes the government will step in with aid so that they will not lose out financially. That is generally not true. The government is likely to provide disaster aid, but it does not protect the individual homeowner from loss. The most common Federal aid after a disaster is low-interest loans, but you still need to pay the loan back. The idea is that a little spent now on mitigation to either seismically upgrade and retrofit your home or purchase earthquake insurance that will prevent larger losses at a future time.
The cost of either or these options is going to be far less costly than what may occur after a devastating earthquake and the financial burden is on you to replace your home and personal belongings.
- How you will manage the cost of a seismic retrofit to your Oregon home?
- How will you pay for the earthquake insurance deductible once an earthquake strikes?
- What financing options are available to you?
Contact Portland Oregon Fee Only Financial Planner Charles Carroll of New Outlook Financial or Portland Oregon Mortgage Broker Lorie Clements to assist you with your financial questions and put a financial strategy plan in place to assist you in addressing these questions to reduce your risk.