Saving for a Disaster

8/30/2019 (Permalink)

FEMA has declared September the National Preparedness Month.

FEMA has declared September the National Preparedness Month. We will discuss the ways that are most important for local families to prepare for emergencies, and how to set you and your family up for the least impact possible. Simple things like taking photos of critical documents, having small amounts of cash on hand, and being sure you have appropriate coverage with home, life and property insurances can drastically change the outcome of any disaster situation. A huge part of planning for a disaster is financial preparedness.

Families in any income bracket can experience detrimental setbacks following a disaster or serious emergency. It is imperative to setup a small savings account and begin saving for a crisis event. Additionally you can complete an Emergency Financial First Aid Kit which will have you gather all of the important documents in order to complete it. Once you have completed it, you will have everything in one place. It is also important to review the deductibles for all of your insurance policies. Some policies have a flat rate deductible such as $3,500, while others will have a percentage based on the home’s insured value, 2-3%. Be sure that you understand the coverage. Not all types of events are covered by one policy. For example your wind and hail policy will not cover ground water intrusion and you will need additional flood insurance for those instances. This flood insurance can be purchased through the National Flood Insurance Program. This is important as many local residents found out during Hurricane Florence.

Each member of your family will need to have the proper identification with them should you need to apply for FEMA financial aid following the disaster. When gathering and securing your documents make sure you have:
Photo ID to prove identity of house hold members such as-

*Birth certificate to maintain or re-establish contact with family members

*Social security card to apply for FEMA disaster assistance
*Military service ID or record
*Pet ID tags

You will also need the following legal and financial documents to maintain your records.
*Housing payments to identify financial records and obligations
*Insurance policies to re-estabish financial accounts
*Sources of income to maintain payments and credit
*Tax statements to provide contact information for financial and legal providers & apply for FEMA disaster assistance.

Be sure to store all of your documents in a water proof and fire proof container.