If you’ve taken even a quick glance at the news over the past few days, you are sure to have heard about Hurricane Irene bearing down on the East Coast of the United States. The (currently) Category 3 storm is the first major hurricane anticipated to make landfall on the continental US in several years. Some localized evacuations are already underway, and people are preparing to ride out the storm in a wide variety of ways: boarding up homes, stocking up on water and gasoline, battening the hatches.
What people will often forget is that a financial preparedness plan is just as important to have. Here are four steps you should take to be prepared for the storm (or any other foreseeable disaster):
CHECK your insurance policy. Verify that you are covered for the impending disaster; if not, consider looking in to getting coverage if at all possible (there are often delays or waiting periods to prevent people from buying insurance a week before a hurricane). Make sure that you have your policy information in a safe and accessible place in case it is needed – claims phone number and policy numbers are certainly a good place to start! Don’t depend on a number stored in your phone or a piece of paper lying in a shoebox somewhere.
CONSOLIDATE important documents. The shoebox method won’t work if your roof springs a leak and all of your papers get drenched. Gather your important files – wills, insurance, deeds, titles, birth certificates, etc – and make sure they are in a secure and waterproof location that you will be able to access. Keep copies in another spot of a different type – remember, safety deposit boxes aren’t always immediately accessible!
ENSURE that you have cash available. Surviving a disaster means you’re around for cleanup, helping people out, and a myriad of other things. Electricity may be days in coming. In the meantime, you are still going to need food, water, shelter… The list goes on. Hurricanes have led to long ATM lines and cash shortages while plastic methods were unavailable. I recommend keeping at least four days’ worth of expenses (again in a waterproof and secure location!) accessible when you see the possibility of a storm.
PAY your bills, or ensure that they have automatic payments set up. If you are hit with a natural disaster, the last thing on your mind is going to be paying bills. People displaced by Hurricane Irene probably aren’t going to be thinking about their car payment, or cell phone bill; however in order to avoid penalties and even more headaches, it is a good idea to have all of these things taken care of ahead of time.
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