5 Money Tips for Natural Disasters

We all went through a lot of stress during our recent hurricane. So to help you be prepared with your finances the next time a natural disaster strikes…

Here are 5 tips you can use that will give you some financial peace of mind.

Tip #1. Have some cash on hand.

Cash becomes king during a disaster. When you go to put gas in your car, you may just find that stations may not accept credit cards, even if the power is still on. I suggest you have at least $50 or more per family member and $100 per vehicle in cash on hand. Remember to carry small bills, as you may not be able to get change in a hurry.

Tip #2. Take pictures of your stuff.

According to State Farm agent Jeremy Dunaway, they best way to document your possessions and the condition of each asset is to take pictures before a disaster strikes. I suggest you get pictures of all of the contents in and outside of your home. Include pictures of your cars and boats, and anything else of value. This will make settling your insurance claim faster and easier.

Tip #3. Store all of your important financial documents in a fireproof and waterproof safe.

Include your bank and credit card information, sales receipts, wills and trust documents, real property info, investment account statements and tax documents.

Tip #4. Review your insurance policies.

Contact your insurance agent to find out what else you will need in order to file a timely claim if needed.

Tip #5. Don’t panic.

You do not have to cash in all of your stocks or CDs because of a disaster. Keep a cool head. And as always, make solid and wise financial decisions.

Following these simple tips will help you deal with any natural disaster, before, during and after. With as little stress as possible.

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