Are Your Finances Ready for a Disaster?

Doesn’t it feel like we have been bombarded with storm after storm threat this year?

With so many of these possible hurricanes coming our way, the question is…

Are you prepared financially for a natural disaster?

Here are 5 financial preparedness tips you can do today that will give you peace of mind if something should happen.

#1: Are you covered?

I suggest you thoroughly review your home, auto, flood and life insurance policies. Then call your agent and see if there are any deficiencies in your protection and get those fixed right away.

#2: Cash is king.

I highly recommend having at least $50 per member of your family and $100 per vehicle on hand. The first thing that normally goes out in a storm is the ATM machines. It’s also a good idea to keep your cash in small bills, as there may not be a chance to get change easily.

#3: Go digital.

Scan all of your important financial documents like wills and trusts, real estate and investments, banking and tax returns. Burn these onto a DVD or save to a jump drive. Or you can store them in the cloud with a reputable company.

#4: Know what you own.

Get your smart phone and take video of your possessions. Video inside and outside of your home, your cars, furniture and anything of value that you can use for insurance claims if necessary.

#5: Prepare for next storm season.

Take this time to evaluate your financial weaknesses. A hurricane may not hit us, but you can learn from these steps and improve your financial position in the future.

Related posts:

Build Up Your Rainy Day Fund
March Money Madness
5 Store Credit Card Warnings

Please share your comments and questions