Financial Impacts of a Natural Disaster

We have seen our fair share of weather emergencies in the news lately and perhaps been a victim as well.  When it comes to preparing for natural disasters many Americans might primarily think of stocking up on food and water. They may even consider getting a first-aid kit, batteries, a flashlight or even generators.  As important as all these can be there are some things to consider in helping you deal with a natural disaster financially too.   Remember your important documents   Originals and copies of your identification such as a driver’s license, passport, Social Security card, and birth certificate are important to keep safe if you must prove your identity. It is best to have originals, but copies are also useful if the originals are lost or destroyed. Contact information (including phone numbers and websites) for your banks, brokerage firms, and insurance companies. Have your current insurance policy information handy including homeowner/renter, auto and life insurance coverages.  In addition, keep copies of credit and debit cards (front and back) and checks (front) in case payment authorizations are needed. Originals and copies of medical information, such as insurance cards, health records and medications. An inventory of valuable personal property. Document the value of the items by keeping receipts and/or written appraisals, and perhaps photos. These items can be kept safely in several ways.  Consider assembling an emergency evacuation bag.  You can include the above documentation as well as keeping a small amount of cash to purchase food or supplies, [Read More...]