With spring, comes lightning storms. Many people enjoy watching as they illuminate the dark night. Mother Nature puts on a beautiful show as the lightning bolts streak across the sky, sometimes flashing for what seems to be an eternity.

The not-so-beautiful part of spring storms is that they cause more property loss in any given year than floods, tornadoes and hurricanes combined! Lightning is a discharge of electrical energy in the atmosphere and flashes from one cloud to another. Therefore, the first thing most people think of when lightning is present is the chance for a fire.

Though lightning storms can happen any season – any month, for that matter – storm season is June through August. Early spring comes in as a close second for active, damaging lightning storms. July has the highest number of lightning fires; 41% strike residential and other structures.

According to the U.S. Fire Administration, approximately 17,400 fires are caused by lightning on an annual basis, resulting in a total of $138 million in property damage. The dollar loss per fire is almost double that of other fires.

PROTECTION

The first thing you might think of is a lightning rod. Though many think they attract lightning, what they really do is provide a safe path for the electricity to follow to the ground.

In addition to the structure, you must also protect the personal property inside. Electrical surges often occur and can damage TVs, computers and other electronics. A surge protector installed at the main electrical panel and also at the outlets will often prevent sudden spikes in electrical current, which could have resulted in “fried” electronics.

RECOVERY

Review your insurance policy with your agent to make sure you have sufficient coverage on your home and the personal property inside.

Also, create an inventory of all the personal property you own (personal property is described as all items that will fall out of a building when turned upside down and shaken). Insurance companies will require this list when you file a claim for the loss. They will ask for each item you want replaced, what you paid for it, when you purchased it and who the manufacturer was. They will also request model numbers and serial numbers for appliances, electronics, power tools, etc.

Proper insurance and a personal property inventory – together, these will enable you to recover financially if a lightning storm results in a fire that damages or destroys your home or business. You’ll not only have your inventory to file the insurance claim quickly, this will lessen the stress while it maximizes your settlement.

People in a bad credit situation are obviously worried about what they will do if they suddenly find themselves in need of money. Many wonder if it is even worth applying for a personal loan under these conditions. Well, the answer is yes, there are options for those with bad credit and you can get the money you need.

Two types of Loans

All loans, no matter their purpose, basically fall into two categories. The first is called a secured loan. These loans that are taken out by using some sort of physical property as collateral. This property can include a home, land, or a vehicle. These loans are available to pretty much anyone regardless of their credit history because the collateral serves as a safety net for lenders. Should the bad credit borrower fail to pay back a loan, then the lender can take the property used as collateral against it.

The other type of loan is an unsecured loan. This is hard, but not impossible, for those with bad credit to obtain. The idea behind an unsecured loan is that the lender offers money to the borrower on good faith, which is why those with questionable credit history will be subject to more intense scrutiny than those with good credit. If you fail to pay back this loan the lender ends up with nothing.

Finding an Unsecured Loan with Bad Credit

These so-called unsecured bad credit loans that are available are widely seen online through private lenders. The reasons that people take them can range from paying off medical bills, consolidating other debt, repairing a vehicle or paying bills in a time of underemployment.

As I mentioned before, generally the best place to find these loans is online since the competition created by the online lending community makes it more likely that they will service you despite your bad credit. However, it may be worthwhile to discuss your options with your current bank or credit union since the relationship you already have established with them may help you out.

Evaluating Online Options

Though online loans are widely available, this does not mean that they are all equal in terms of the deals that they offer you or the fine print that they may try to squeeze in. This is why it is of the utmost importance to research any financial institution that you plan on doing business with through the Better Business Bureau.

You want to verify any information that the loan company offers you including physical address and telephone numbers. Make sure that you talk to a real person before signing any documents in order to increase the likelihood of avoiding a scam.

The Details

Remember when I explained the difference between secured and unsecured loans? Though there is clearly a risk to the borrower when it comes to putting up collateral to secure funds, doing so is to his advantage in terms of the other details of the loan that you eventually get. Lenders may offer you an unsecured loan despite bad credit, but the interest rates will be much higher than those offered to people with good credit or those seeking a secured loan.

If you feel that you will be at risk for defaulting on a loan, then you should not take one, since the last thing you want to do is make your credit score even worse. However, if you know that you can responsibly pay it back, consider the options and your situation to pick the loan that is right for you.