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No one knows when they will need their home coverage because it’s really hard to predict anything like an earthquake, theft, flood or hurricane. And unless you plan doing some fraud with our insurance policy (which is, of course, not the smartest thing to do) you might never suspect that you really need it before something bad happens. That’s what insurance is for – it covers you against situations that are unpredictable. But what exactly are these situations that home coverage is designed for protecting against? The fact is that the list of such circumstances is very large and varies from one policy to another.

However, most insurance policies are designed to provide coverage against circumstances listed below. Each of them can’t be predicted. But sure has the potential to devastate your house and leave you without a home unless you have proper coverage.

Fire

Fire has the potential to turn your entire house into ash within minutes even before you can call for help. All that is needed is a small leak in your oven, a spark from the fridge or a forgotten candle to fire your house up, destroying all of your belongings in a very short time. Even if you’re fully confident about your appliances and devices, you aren’t fully protected from fire. A single cigarette butt thrown into your yard can be just enough to turn your precious house into a pile of burnt stacks. And taking into account that most fires happen when no one is at home and can’t control the disaster, the risk of leaving your house with respectful insurance is too high for you to assume. Most home insurance policies provide coverage against fire.

Flood

Flood poses a risk to many households, even those that aren’t situated near rivers, lakes or other bodies of water. Pipe problems, heavy shower and even a malfunctioning dishwasher are also considered as flood risk, and if you feel that your home might be subject to such a situation, make sure that you have flood coverage with your home insurance. If a main water pipe gets damaged somewhere beneath or near your house and you are not at home the damage can be as bad as in the case of fire. Of course, there is a chance that you will be able to restore some of your belongings, still it can be quite costly to repair the soaked house and buy new appliances that usually tend to get ruined by water. Not all policies cover flood damage, so you have to make sure your does if you need this type of coverage. Some companies offer flood damage insurance as a separate policy.

Earthquake

Earthquakes are certainly amongst the most disastrous and haunting of natural disasters because they are impossible to predict and you know there is one when your entire house is already shaking like cardboard construction. The damage delivered by an earthquake is usually very serious, making entire towns and cities impossible to live in. Even if your house has sustained an earthquake and is still standing, the structural damage can be so serious that the house should be demolished and built anew in order to be possible to live in. Most policies include this type of damage, however make sure to get as many home insurance quotes in order to get the best rates.

The world is often a confusing place and nowhere is the confusion likely to be so complete as in the tax system. Here we have the best brains in the Government taking on the best brains in the private sector. The Government wants the maximum tax take. The private sector wants to arrange things so that no one with money ever has to pay any tax. Somewhere in the middle the two world-views collide and, usually, some tax is paid. Anyway, when President Obama signed the healthcare reform bill into law, some of the largest employers in the US let out a collective sigh of pain. As an example, Caterpillar is the world’s largest manufacturer of excavators and bulldozers. The day after the President’s signature, Caterpillar announced it was taking a charge of $100 million to earnings over an expected loss of tax benefits. A number of other influential corporations have also made allowances in their accounts. The reason is that the healthcare reform ended a tax break given to cover the cost of supplying drugs to early retirees.

Let’s take this step by step. If a person continues to work, he or she will be covered under the employer’s plan. All other things being equal, working up until you are entitled to Medicare gives continuity of coverage. But there was always a problem if someone took early retirement. Health insurance companies were reluctant to insure older people who might more quickly develop serious medical problems. So, to give people aged between 55 and 64 a bridge until they became eligible for Medicare, employers were given a tax break to enable them to pay for their ex-employees’ drugs. With the disappearance of the tax break, employers were therefore left with an obligation to pay for drugs without any relief.

Acting through Kathleen Sebelius, Secretary to the Department of Health and Human Services, President Obama has announced a $5 billion package to offset the loss of the tax break. This will run from June 2010 to January 2014 when the individual health insurance plans offered through the new exchanges should come onto the market. It is estimated that about 4,500 private and public employers will be eligible to claim from this new fund. The intention is to provide continuity of coverage under the current health plans and it will be condition that the employers maintain their contributions, i.e. federal money is a top-up not a substitute for payment by employers. Ms Sebelius has also made it clear that the individual health plans offered to early retirees must include coverage for chronic and high-cost diseases and disorders. Employers cannot cherry pick the diseases to be covered. That means the victims of heart attacks or those diagnosed with diabetes and cancer will get continuing support under the plans if federal funding is to be drawn down.

In general, the business community has been slow in showing its gratitude. The feeling seems to be that Government made a mistake when pushing through the reform bill and was now offering a fraction of the total money required to fill in the hole. Nevertheless, the President has recognized the problem and made funds available to help offset it. Whether these funds will prove sufficient is something we will have to wait and see. For the retirees, it should mean access to benefits with fewer hassles.