An Uninsurable Future

Business owners have
the choice
between
renting their locations
and
buying their locations.

In the past,
if the business owner
had the funds and/or the credit,
it often made financial sense
for them to buy
their buildings and/or lots.

It was rare
that the land would decrease
in value.

And it was assumed
the site could be insured.

Today, we can’t assume that.

Due to climate change
and other factors,
many places, many structures,
many lots
can’t be insured.

If they can be insured,
the insurance premiums
are often larger than
mortgage payments.

Factor
the current insurance situation
into your buy vs rent calculations.

It is a significant variable.

Have Different Layers Of Insurance

One of my buddies
told me
she couldn’t afford insurance
on a certain high-priced item
so she installed highly visible
security cameras
around it.

Which is a type of insurance.
It is protection
from the possibility of loss.

Having an extra story
I can release
if I absolutely needed
that income
is insurance.

Having an extra $100
hidden in my home
is insurance.

Having an arrangement
with another business owner
that gives me
an emergency place
to run my business
is insurance.

We should have
different layers of insurance,
including the traditional kind.

And then we should hope
we never have to use
any of those layers.