In the past few months, we’ve witnessed a number of natural disasters. With Hurricane Season looming over our coastal areas, being prepared can help you, your family or your business minimize the impact of not just hurricanes, but of any natural disasters. The truth of the matter is that floods, fires, earthquakes, and tornadoes can happen at any time no matter where you live. It’s always best to be aware and plan accordingly. Consider the following when preparing for natural disasters:
- Build an emergency fund. To safeguard against any unexpected costs, it’s best to be financially prepared by setting aside a protection fund. Nearly three in 10 adults in the U.S. have no emergency funds, according to a study.1 A good rule of thumb is to try to save $1,000 immediately, and then build up to having three to six months’ worth of your current expenses saved up. You may also want to consider having a smaller cash fund set aside in the event that power is cut off and banks are inaccessible.
- Review your current insurance policies. Natural disasters resulted in losses of a record $306 billion last year.2 It’s important to assess your current policies and determine what’s covered and how much of it is covered to ensure that there aren’t any gaps in disaster coverage.
- Safeguard key records and documents. Disaster-proof important papers that may be necessary to file insurance claims by storing them in a safe or by making electronic copies. These include birth and marriage certificates, will, power of attorney, trust documents, social security cards, medical records, insurance policies, tax documentation, and titles to any vehicles and properties.
When disaster strikes, it may seem difficult to get back on your feet. Fortunately, you can take proactive steps to mitigate the impact of a disaster. As your dedicated team, we’re here to ensure you and your family are protected. Don’t hesitate to reach out to us with any questions or for any professional guidance.
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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability of the issuing insurance company.
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[1] https://www.bankrate.com/banking/savings/financial-security-june-2019
[2] https://oceanleadership.org/natural-disasters-cost-u-s-record-306-billion-last-year