A little planning now can help you handle a natural disaster or other emergency.
Many Americans have focused on their need to be prepared in case of an emergency. Very few, however, consider financial preparedness in their plans. From keeping an evacuation box with important documents to setting up an account with emergency funds, preparing now can be the difference between financial security and financial crisis.
These simple tips from financial experts at Union Bank of California can help anyone prepare financially for a natural disaster:
• Conduct a Household Inventory
Create a household inventory for items of significant value and locate originals of important financial and family documents. Store original documents in waterproof bags in a safe deposit box or durable “evacuation box” and photocopies in a safe place. Use a CD to back up key documents on your computer. If practical, store copies with friends or relatives who live outside the area.
• Know Your Insurance Policies
Understand what types of losses your renters or homeowners insurance covers. Ask your insurance agent or financial planner about...
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