Tips To Help You Be Financially Prepared For An Emergency
Helping you handle a natural disaster now or other emergency is a little planning now.
Focusing on their need to be prepared in case of an emergency is what many Americans are doing. The bad news is that only a few of them would consider financial preparedness in their plans. Preparing now can be the difference between financial security and financial crisis and this would include keeping an evacuation box with important documents to setting up an account with emergency fund.
These simple tips from financial experts at Union Bank of California can help anyone prepare financially for a natural disaster:
Conducting a Household Inventory
Not only should you locate originals of important financial and family documents, you should also create household inventory for items of significant value. Photocopies should be stored in a safe place while the original documents are stored in waterproof bags in a safe deposit box or durable “evacuation box.” In order to back up key documents on your computer, you can use a CD to back it up. Storing copies with friends or relatives who live outside the area is the practical thing to do.
Why You Should Know Your Insurance Policies
Understand what types of losses your renters or homeowners insurance covers. When it comes to earthquakes, floods, home offices, and big-ticket items, you should ask your insurance agent or financial planner. Copies of your policies should be kept in a safe place along with your other important papers.
Cash Should be Accessible
In case of a sudden evacuation, keep at least $300 in cash at home in a place where you can get to it quickly. The money should be in small denominations for easier use.
Create and Maintain a List of Emergency Contacts
Keep a list of important emergency contacts, including direct family members, doctors, medical facilities, numbers for your bank, insurance agent and company, lawyer and financial planner/advisor. Helping you to quickly retrieve account information are credit card 1-800 numbers.
Keep an Emergency Savings Account
This account should be separate from any other account and contain enough money to cover at least three to six months of living expenses.
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