Hurricane Season – Financial Prep
August 31, 2021
With the 2021 hurricane season underway and with hurricane Ida slamming Louisiana a few days ago, I wanted to reach out and stress the importance of being financially prepared–especially if you end up in a hurricane’s line of fire. Well for those of us here in Northwest, Ohio we should be safe from hurricane’s, but emergencies come up, so here are some pointers:
Here are four ways you can prepare financially should you or your loved ones be displaced by a hurricane or other natural disaster.
- Cash: Cash is crucial in an emergency. Make sure you have enough cash on hand to pay for food, lodging, and other necessities for at least five to seven days in the event that you’re unable to return to your home.
- Debt: Paying off your debts is always a good idea, but the better position you’re in before a natural disaster, the easier you’ll be able to rebound. Experts recommend an emergency fund capable of covering 3-6 months of living expenses if you’re debt-free.
- Documentation: Having your identification documents up-to-date and in one place is vital before and during an emergency. You’ll likely be asked to confirm your identity to obtain disaster relief services, file insurance claims, or access your property or financial assets.
- Insurance: Make sure you understand what your insurance covers and what is needed to file a claim in the event of a hurricane. Remember that homeowners insurance doesn’t always cover flood or wind damage done to your property.
If you have questions or would like to discuss any of these (including strategies for building up your emergency fund quickly), let me know. I’m here to help you through any financial challenge you may face.