Whether it’s a fire, a flood, a tornado, or a tropical storm, we often don’t think a natural disaster will personally affect us. However, out of sight, out of mind shouldn’t be our perspective when it comes to disasters such as these. Planning financially for unforeseen circumstances is both wise and prudent. When these calamities hit, it is a matter of life or death. You wouldn’t leave your loved ones behind, and neither should you leave your assets and investments to fend for themselves. Here are 4 steps you can take today to prepare your finances for whatever disaster may happen.
1.) Keep a supply of cash on hand.
In today’s digital world, people rarely carry cash, but you’ll need it if a natural disaster takes down power poles or wipes out a few city blocks. Without power, you won’t have access to any of your funds, even your credit cards. Quick cash for food and lodging is a must. Keep this in mind should you evacuate quickly.
2.) Purchase insurance for all your possessions.
If you have homeowner’s insurance, you’re a step ahead of the game. However, many policies do not cover flood damage, and if your home is flooded, you’re on the hook for repairs. Look into various and specific kinds of catastrophe insurance, from flood to fire, and earthquakes to tornados. Even hurricanes are covered by certain types of disaster insurance. No matter where you live, no matter what you need to insure, now is the time to purchase your policies and plan for the day you might need them.
3.) Digitize copies of important documents and store them online.
Gather all your pertinent paperwork such as birth certificates, passports, insurance policies, bank account information, credit card numbers, deeds, titles, contracts, VIN numbers, and photos of your vehicles, homes, valuables, and assets. Store their hard copies either in a fireproof safe or a safety deposit box at your bank. In the event your house is destroyed, all your important documents are safe and accessible.
4.) Set up automatic bill pay.
With your awareness spread thin and your attention frazzled, it’s too easy for your everyday bills to go unnoticed in the aftermath of a natural disaster. Mundane tasks sit on the back burner while more important things, such as dealing with a damaged roof or other catastrophic losses rise to the fore. Setting up your bills for automatic payment takes a huge load off your shoulders and one less worry off your plate. You’ll be so glad you did.
At Organized Instincts, our team of seasoned professionals can help you with all you need to plan and organize your finances, from purchasing disaster insurance to helping you get all your important documents uploaded online. Our keen eye for detail, coupled with our sterling reputation, will set your mind at ease as we help you become financially prepared in the event of an emergency.
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