Hurricanes, Fires and Floods - Are You Ready Financially?

A disaster can strike at any time and may last for several days.  Being financially ready before a disaster occurs will save you time, money, and frustration during this difficult period.  Consider these recommendations.

Cash and Cash Management
Keep cash, a checkbook, traveler’s checks in small denominations and a credit card available for use in emergency conditions. Use direct deposits into your bank account for reoccurring deposits like paychecks, social security and pension payments. 

Gather Important Documents
Having all your documents up-to-date and organized in a waterproof portable container can make a quick evacuation easy.  These documents should include a copy of your will, powers of attorney, bank/financial account numbers, a list of all medical prescriptions, birth records, passports and a copy of your home inventory.  Also include a listing of website information, usernames, access codes and important contact information for your insurance agents, financial advisors, doctors, neighbors and co-workers.  

Verify Insurance Coverage on Your Home
Talk with you insurance agent annually about the coverage on your home and personal contents to ensure proper coverage. Insure your home and possessions for their full replacement value, if possible, rather than actual cash value.  Certain personal items like jewelry, computers, televisions and antiques may require special endorsements before being covered.

Additional Insurance Coverage
Most homeowner insurance policies exclude or limit coverage for damages caused by flood, wind and mold.  Special insurance policies are usually necessary to protect from these types of damages and these policies typically have a waiting period before coverage can begin.

Home Inventory
Create and maintain an inventory of your home contents, both interior and exterior.  The inventory should be written and include photographs or videotape.  Be detailed about the description of the items, prices paid, purchase dates and model numbers.  Keep your inventory up to date and maintain a copy of the inventory at a separate location. 

Many disasters occur with little warning and can have long term impacts to your financial and emotional well being.   Being prepared is the best safeguard in case of this unfortunate event.  Please contact Woodway Financial Advisors with any questions on how to prepare yourself financially.