INSURANCE

Fire Insurance
...continued from page 15
7. Credit and Debt
During a recession, families must still pay the household
bills, and try to get out of debt. Bankruptcy, judgments,
and late payments can all hurt your credit score.
Your credit history impacts credit card and loan interest
rates, insurance rates, and even job opportunities, as
some companies review applicants’ credit histories.
Tips and Strategies:
Families should prioritize expenses and pay bills in order
of importance. Some bills can be paid late, but other
bills must be paid on time in order to avoid foreclosure,
eviction, or property repossession.
Recessions can lead to a reduction in borrowing,
and families may become more fiscally responsible
following an economic downturn. Less debt and more
responsibility can lead to smarter money management,
and a stress-free financial life.
8. Determine Necessities
Families must understand the difference between needs
and wants during a recession. Families need a safe place
to live, clothing, food, and access to affordable health
care. As priorities shift for many families during an
economic downturn, they can focus on the necessities,
and learn more about their innate survival skills.
Tips and Strategies:
Learning how to prioritize expenses, adapting to a
loss of critical income, and making lifestyle changes
will be hard. Families can cope during this period of
adjustment by relying on each other, becoming a true
support network. Celebrate successes as a family, and
acknowledge each other’s efforts to become solvent.
Take control of the situation to reduce the negative
impacts of the recession, and to set a good example for
the rest of the family.
In conclusion, the effects of a recession on families last
a lot longer than the duration of a recession. Ultimately,
almost everyone suffers during an economic downturn.
Families can survive by adapting to a new lifestyle,
working together, and making changes to improve their
future.
HERE’S A PIECE OF
ADVICE FOR THIS SEASON
No one knew how the fire started.
But everyone saw it consume the neighbourhood in a
conflagration that screamed devastation. By the time
the fire was put out by a combined effort of halfempty
fire extinguishers and the Fire Services, three
houses and seven cars had been completely razed.
The Johnsons were the worst hit. New in the
neighbourhood, their home and two cars were burnt
to ashes. For the family of five, it was a sordid
reminder of the uncertainty of life as we know it.
The Fire Fighters blamed the harmattan for the rapid
spread of the fire.
But Mr Akinniyi Johnson had no one else to blame
but himself. He knew he should have had his property
insured against Fire and Special Perils. He could
still remember the exact words of the FBN General
Insurance Financial Advisor who had tried to talk him
into buying the policy: “You’ve got a very beautiful
house Sir, let me put together a convenient policy
for you to protect it against all eventualities. Life
happens, you don’t want to be caught napping.”
He wished he had heeded the advice…
The Harmattan is almost here. Protect your properties
from life’s uncertainties, take out an FBN General Fire
and Special Perils policy today. Call 01-9054810
FBNI&YOU • www.fbninsurance.com • 17