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Financial Savvy for Disaster Preparation

As hurricane season swings into full gear, we are reminded that natural disasters often strike with minimum warning. Being ready before your community and your home are affected is an important step when preparing for your financial future. Here are a few tips on how to prepare in a financially sensible fashion from the American Institute for Certified Public Accountants (AICPA) and the Advertising Council (Ad Council).

• Keep all your records and financial statements in order. All the hard work you have been doing to save money and invest wisely need not be carried off by a twister. The best plan is to keep copies of important information in a safe deposit box or a secure, fireproof safe at home. Remember to include birth, death and marriage certificates; divorce or custody agreements; passports and copies of drivers’ licenses; deeds and contracts for property; bank account information; a copy of your will; and stock and bond certificates.

• Take a look at your insurance policies—home owners, car and renters insurance—so you know what is covered. Are you in a flood zone? If so, flood insurance is a wise idea. Only renting your home? Renter’s insurance is also a wise investment to protect against fire and natural disasters. Know your policies and what your options are.

• Take pictures of your valuables as well as the contents of your attic, basement, garage and closets—these can come in handy if a disaster strikes or if you are robbed. Don’t forget your cars and any other belongings that could be damaged in a disaster.  Make an inventory of what you have to combine with your photographs so you can have your items replaced by your insurance company with as little trouble as possible.
 
• Have some cash on hand. While you can’t invest and grow money if it isn’t in the bank, what else will you use during a disaster if banks and ATMs aren’t working? Keep enough money in a safe place for five days worth of expenses.

For more information, visit the 360 Degrees of Financial Literacy Life Crises Web site and Federal Emergency Management Agency.
 
Additionally, the Tax Collector has developed a wallet card-size tool to assist families in preparing for hurricane season. The Hurricane Preparedness Guide contains a hurricane supplies list and information on hurricane shelters. The guide is also customizable to include personal evacuation plans and important phone numbers. We are approaching the peak time of hurricane season, which began June 1 and ends November 30. All Floridians should have an emergency plan to review and discuss with their families. We are happy to provide this educational tool which may be picked up at any Tax Collector Service Center.

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