Chris O'Shea
Natural disasters are, unfortunately, sometimes just a part of everyday life. Floods, hurricanes, tornadoes, and more can strike at any moment. While there’s not much you can do to prevent 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
- Birth certificates
- Mortgage info
- Insurance documents
- Bank account information
- Health insurance cards
Create Inventory
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
Insurance is very important to have in place to help mitigate damages.
- 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 or update coverage.
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.
Do One Thing: Update your insurance policies so they are best suited for your lifestyle and home environment.
Jean Chatzky
