Build your financial emergency kit
Property insurance is a bill we pay, but don’t think about until we have an accident or a disaster. Studies have shown that most Americans are under-insured or have no insurance at all. How can you afford to rebuild or replace structures, cars and possessions after a disaster? Insurance is the most economical way to plan for these risks. For example, many policies do not cover earthquake or flood damage. You may think you have coverage, but actually you’re not. Do you have replacement value on your home and its contents? Some policies pay a prorated amount, which means that big screen you need to replace may end up being a small screen. Furthermore, most renters do not have insurance. Renters insurance is very affordable and a good way to protect your belongings. A short meeting with a reputable property insurance agent is worth your time to make sure you are property is covered and that your insurance meets your needs.
2. Cash on hand
Make sure you have some cash stored away in the event of an emergency. The ATMs and banks may be offline after a disaster. Most merchants or vendors will not take IOUs for the fuel, water, food and other supplies you may need to buy. Also make sure your paychecks and benefits are directly deposited into your accounts.
3. Vital records
Make sure you have copies both hard and electronic of all your vital records. Bank and investment account numbers, passports, birth and death records, photos, wills, and trusts should be kept in a fire proof box. Save copies on a thumb drive. Don’t forget your insurance information! You will need it.
Categories: Business, Earthquakes, Fire, FloodNumber of views: 1446
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