5 Tips to Prepare Financially for Hurricane Season
As Floridians, we enjoy many unique perks of living in the Sunshine State. From our scenic beaches, to the extraordinary theme parks, and even the absence of state income taxes-- living here has its benefits. But unfortunately, we inevitably have to endure one of the most dreaded seasons each year. And no, I don’t mean love bug season. I mean hurricane season.
With hurricane season now in full swing, it’s important to know how to keep you and your loved ones safe in the event of an emergency. You may have already started your preparations by stocking up on important items such as batteries, water and gas, but don’t forget that it’s equally as important to be financially ready for a disaster. Here are five important tips to consider for this year’s financial hurricane prep:
1. Create an Emergency Fund
This will come in handy for potential evacuation costs and insurance deductibles. Make sure you know how much your deductibles are and then save even more than that amount! Insurance adjusters and settlements sometimes take longer to process after a natural disaster.
2. Adequate Insurance Coverage
Whether it’s homeowners or renters insurance, it’s important to know what’s covered in the wake of a disaster. Also, take into consideration that most homeowners insurance policies do not cover flooding.
3. Keep Some Cash
Access to ATMs and service centers may be limited due to power outages and unsafe road conditions. Keep some extra cash on hand in case power outages prevent you from using your credit or debit card.
4. Automate Your Banking
Set up direct deposit and/or automatic bill payments. Let electronic services give you peace of mind in case mail services are disrupted or service centers are closed.
5. Protect Your Paper
Gather any financial, legal, medical and insurance documentation in a safe place such as a safe deposit box, waterproof container, or electronically for easy access if disaster strikes.
For more information on how to prepare for a hurricane, visit the FEMA site.
To learn more about insurance coverage, visit our partner Quorum Insurance.
By Campus USA at 22 Jun 2018, 15:33 PM