Direct From Dennis - Blog - October 2024
In late September, Hurricane Helene swiftly passed through Florida, Georgia and North Carolina before heading further up north, and left a trail of devastating destruction behind her. We are deeply saddened for our clients and friends who are experiencing this disaster first hand. Please know that we are here to help in any way possible – manual labor, household goods, food, etc.
One way we can help going forward is to remind you that preparing for a natural disaster is crucial to ensure you can recover as quickly as possible and minimize the impact on your finances. Here are some key steps to keep in mind and help you get started.
- Build an emergency fund. We recommend a minimum of three months, and ideally six months’ worth of living expenses in an easily accessible account. This fund can help cover immediate costs like temporary housing, food, car rental, and other essentials.
- Keep some cash on hand. In addition to the emergency fund, if a pending storm is imminent, you should keep a comfortable amount of cash securely on hand in case electronic payment systems are down.
- Reduce debt. This is a good reminder in general but especially helpful during stressful times. Try to pay down all high-interest debt to fee up more of your income for emergency savings and reduce financial pressures during a disaster.
- Review and update your insurance policies. You should review all of your property insurance policies at least annually to make sure they are up to date and provide adequate coverage for natural disasters in your area. Consider homeowners, auto, flood, and even earthquake insurance.
- Secure important documents. Store important financial documents (insurance policies, bank account information, identification, medical records, and other critical documents) in a waterproof and fireproof safe. You can also scan and save them electronically to a secure cloud based program so you have easy access if needed.
- Take a video recording of our home and contents. Take the time to video your home inside and out, including all contents in closest and cabinets. Keep this video in a secure place or on your computer for future reference for the insurance adjusters.
- Create an emergency financial kit. Similar to securing your important documents, you should have a kit ready that includes copies of important documents, list of emergency contacts, medical information, and any other critical documents or information.
By taking these simple and important steps, you can better protect yourself and your family financially in the event of a natural disaster. If you need more information, or would like to discuss these topics, we welcome your call!
Any opinion are those of Dennis Briggs and not necessarily those of Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.
