Financially Preparing for the Next Big Storm
You never know when the next big storm will hit so it’s never too early to start preparing for a natural disaster! As you may know from these kind of life altering events in the past, it’s crucial to be prepared. As part of that preparation you need to get your finances in order. When such an event occurs you’ll thank yourself for organizing your finances ahead of time and breathe a sigh of relief knowing what procedures and decisions are in place.
You never know when the next big storm will hit so it’s never too early to start preparing for a natural disaster!
Review Insurance Policies
Be sure to look over your existing insurance policies, from your homeowner’s insurance to your car insurance, to know what is covered and what is not. Know your deductible and have your policy information handy. Consider reviewing what is covered during what type of storm or natural disaster. You would not want to find out when it’s too late that you were missing a key piece of insurance. This is true for both homeowners and renters alike. If you are not sure what your current insurance policies cover, get in touch with your insurance company to review what is included so you know the details before a storm hits.
Create an emergency fund
An emergency fund is crucial to have during an unexpected weather event. Set up a fund now and save as much as possible each month so you’ll have a nice chunk of money stowed away for unexpected events. You should aim to have from 6-9 months worth of living expenses saved. Store most of this money in the bank but leave some cash at home during the storm in case you need cash and you can’t get to a bank or the banks are closed due to power outages. Cash on hand can be key for gas, tree and debris removal and other necessities.
Write up/Check over your Will
Make sure you review your will statements and decisions so you can update any information. Make sure all legal documents are up to date and in a safe place that is accessible. A power of attorney for financial and health related emergencies where someone else has the power to sign and make certain decisions should something happen to you or in the event you are incapacitated and can’t make these decisions.
Protect Personal Information
Store personal information such as driver’s license, credit cards, deeds, wills and other sensitive information in a safe and secure place so it doesn’t get lost or destroyed. This includes a plastic bag in a fire safe box that is located in a place you can retrieve it in case you need it. Consider also keeping insurance policies and other valuables in a secure location in case of destruction or damage to your home or office.
Although we like to hope for the best but we should try to prepare for the worst. Take the time now to get your finances in order so you don’t have to scramble when you are most stressed during a natural disaster. You’ll thank yourself later for doing so!