Natural disasters are, unfortunately, sometimes just a part of everyday life. Floods, hurricanes, tornados, and more can strike at any moment. While there’s not much you can do about it, you can prepare yourself so that when one does happen, you’re ready. Here’s how to prep your finances to best mitigate the impact of a natural disaster.
Safeguard Your Documents
You don’t want a natural disaster to ruin your important documents. If you prefer digital documents, download them to an app so that you always have them. If you prefer physical items, gather the documents and store them in a fireproof, waterproof box. Here is what you should include:
Social Security cards
Bank account information
Health insurance cards
Document everything of value in your home or apartment. That way, if any of your things are destroyed during a natural disaster, you have a list ready to present to your insurance company.
Check Insurance Policies
Make sure all of your insurance policies are up to date. Review them and what coverage they provide. If your policies don’t present enough coverage, make a change.
Build Your Fund
Emergency funds are a great defense against natural disasters. Do your best to build your fund so that if a natural disaster happens, you’ll have some financial padding to deal with any material losses.