Natural disasters can occur at any time. In the news recently, we've had wildfires, snowstorms and everything in between that have caused a loss of life and property. If a natural disaster strikes, are you prepared? If not, here's what to do now.
Have An Emergency Fund for Disasters
If a flood makes your house uninhabitable, where will you and your family go? Having a couple of months of monthly living expenses saved in case of an emergency can pay for a hotel and food for a few weeks or until your Homeowner's or Renter's Insurance kicks in. Having a minimum of one thousand dollars cash on hand will prove to be very valuable should banks be closed or access to ATM and Credit Card machines be limited for several days or even weeks.
Safeguard Your Important Documents and Valuables
A safety deposit box can be useful for more than just keeping a will or your grandmother's antique jewelry. It can also be a great place to store valuable documents, pictures and other items that would be hard to replace. This way you won't have to worry about those things that are most important to you when a disaster strikes.
Understand Your Insurance Policies
In the midst of a natural disaster is not the time to find out that you don't have the proper insurance coverage. Make it an annual goal to review any insurance policies to ensure you under what is covered and what isn't. You may find you need to purchase additional coverage. For example, many homes are not in a flood plain, so the insurance is not mandatory by the mortgage company, however, if a flood happens and you haven't purchased the necessary insurance. The repairs will fall in your lap. For many people, this would be a financial disaster.
Natural disasters occur more than we care to believe and often without lots of warnings. To ensure you and your family make it through any unforeseen circumstances, discuss a financial plan that will work for everyone. A good financial plan today can save you from a financial disaster tomorrow. Start preparing now!Please Follow Me On Social Media @moneyisadefense