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Make sure you are really ready.

Key Point

• Florida residents are used to big storms.
• While there are logistical steps to take to prepare for a hurricane, there are also certain financial moves that need to be addressed as well.
• Keep important documents handy and have adequate insurance and an emergency fund ready.

Hurricane Ian has officially made landfall in Florida. At this point, all residents in their path can do is duck and hope the worst of the storm is short-lived. But Ian’s appearance raises the question of hurricane preparedness. It’s not just from a logistical point of view.

Many people living in hurricane-prone areas are well aware of the importance of having shelter in place and having emergency supplies such as food, water, and batteries on hand in case of a power outage. I know. However, some people do not realize that steps need to be taken to ensure hurricane preparedness from a financial standpoint. please.

1. Do you have access to important documents?

If a storm hits your home, it can cause extensive damage and destroy some of your important financial documents. Depending on how you store them, it is important to have access to these documents before the storm.

Some of the documents you should access are:

• passport
• Birth certificate
• social security card
• tax records
• Home Ownership and Deeds
• Wills
• insurance

The latter is really important. If your home is damaged during a storm, you need access to your insurance policy details so you can start working on your homeowner’s insurance claim.

2. Do you have adequate insurance?

If you live in a storm-prone area, standard homeowners insurance may not be enough. Rather, you may need to purchase specific hurricane or flood insurance to protect yourself financially in the event of damage. It’s always a good idea to evaluate your coverage before a storm and make sure it’s adequate.

3. Do you have money set aside for emergencies?

As a general rule, we recommend that you have enough money in your savings account to cover at least three months of necessary living expenses. If you live in a storm-prone area, you might want to set your goals even higher.

Many people think they will run out of emergency savings due to factors such as unemployment and medical bills. But if a storm derails your life, you may need to take a dip.

For example, you may need to spend a lot of extra money to stock up on groceries in case the power outage lasts for days and you can’t go to the store (non-perishable foods are probably best in this case). ). If you decide to flee your area before a storm, you may need to pay for temporary accommodation. ready to go.

Be aware that if your area is severely damaged by a hurricane and there is widespread power outage, you may not be able to use your credit card to purchase food, restock your refrigerator, and ATMs may not be available. please. Therefore, it is advisable to keep extra cash on hand.

Are you ready to weather the financial storm?

Surviving a hurricane or a major storm is scary enough. As such, the many financial worries that make a tough situation worse are the last thing you want to do. If you’re not going Ian’s way, but live in a place known to be hit by major weather events, let this act as a wake-up call to get your financiers in order. Doing so can save a world of stress during an otherwise difficult time.