Emergency Preparedness and Recovery
Begin Now to Be Prepared for a Financial Disaster
Here are five tips to get you started.
Maintain good records. You will need good records for either insurance
claims or to prove losses on your tax returns. You will have to list each item
in your house, provide receipts, model and serial numbers for big ticket items,
and attach appraisals as required. Photographs and videos tapes of the contents
will help you remember items. Update annually.
Build an emergency fund. In the event of a disaster, you may not be able
to get to the bank. Disaster experts advise people to have cash and coins in an
evacuation box. The cash should be in small bills - ones, fives, and tens. The
coins are for pay phones. As you recover, a source of ready cash can help pay
expenses you will have as you start your recovery.
Review insurance policies. Consider replacement insurance. It will pay
for new items at today's prices for both contents and improvements.
Make copies of important documents. Store copies of insurance policies,
wills, prescriptions for medication and eyeglasses, immunizations records, bank
account numbers, and driver's license in plastic bags. Place the items in your
evacuation box that you can grab and go if faced with an emergency.
Rent a safe deposit box. Store the originals of important documents, such
as deeds, titles, birth certificates, passports, and appraisals. Store one
key in your evacuation box.
Judith R. Urich, Ph.D., CFP
Retired
Family Resource Management Specialist
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