Hurricanes are something Florida residents have to deal with and they can be overwhelming and scary. Additionally, not preparing ahead of time can add even more stress and take an unexpected toll on your finances. There are ways to reduce this strain and stress. Below are eight financial preparedness tips that can help you prepare this 2021 hurricane season.
- Keep cash in a safe place in the event you are not able to access an ATM after a hurricane has passed.
- Develop a detailed budget for hurricane preparedness items. Your list should include essentials such as food, emergency kit (batteries, flashlight, battery-operated radio, etc). Keep your income and current expenses in mind when creating your budget.
- Document your current finances. This will save you time and stress if you need to apply for assistance after a hurricane.
- Build an emergency fund. Consider setting aside money for emergencies such as a hurricane. Create a realistic savings goal to contribute to your emergency fund. This amount can go into an emergency savings account.
- Review your home insurance. Make sure that your insurance covers your family’s specific needs. Keep in mind, homeowners insurance typically does not cover flooding. You may need to add this coverage. Call your insurance company to learn more.
- Protect your financial documents. Secure copies of important documents such as 401K account numbers, insurance policy, tax records, and important receipts in waterproof bins, or plastic bags to avoid water damage.
- Address urgent financial issues. Be proactive, contact your lenders, and creditors to explain your situation if you have been impacted financially due to a disaster.
- Create a list of financial assistance available to those affected by a disaster in case you need it.
Consumer Reports: http://www.Consumerreports.org
Federal Emergency Management Agency: http://www.fema.org , 1-800-FEMA (3362)
American Red Cross: http://www.redcross.org , 1-800-733-2767
If you need assistance with setting a financial goal during this hurricane season or have questions about securing your home, please contact Cyndi Longley at 561-233-1742.