Everyone knows to stock up on water, toilet papers, and safety supplies during the storm season, but people forget that there should also be financial preparedness. If possible, make sure that you have enough cash or credit to accommodate purchases of food, transportation, and what you deem essential for at least one week, maybe two. Make sure the location of the cash, checks, or cards are known by multiple people in your household in case someone gets separated.
You should gather and store documentation such as identification, insurance policies, medical prescriptions, and account numbers.
The documents you should gather today include:
- Personal identification (driver’s licenses, birth certificates, military IDs, passports, etc.)
- Financial account information (checking, savings, retirement and investment accounts, credit/debit cards) including complete account numbers and call center numbers.
- Insurance policies on real and personal property. Keep appraisals from your last refinance. Make lists and take photos of valuable items. Be sure your policies are updated with your current property. If possible, review your insurance policies with your agent, whether it is homeowners’, renters, auto, hurricane, or flood. Spend some time to look over your policy and make sure that the items you value are covered. Don’t forget about business owner’s insurance too, especially if you operate in- home.
- Ownership documentation for homes and vehicles (deeds, titles, registrations, rental agreements, etc.)
- Medical insurance cards.