How To Prepare Financially for Hurricane Season
As we enter hurricane season, this year it is especially important to prepare due to the ongoing challenge of COVID-19. There are many uncertainties during hurricane season, and the best way to achieve peace of mind is to prepare as well as you can. Besides securing your property and stocking up on supplies, it’s important to put your financial house in order. Preparing your financials now can help ease the burden if a hurricane strikes.
Here are some tips:
CREATE AN EMERGENCY FUND.
A hurricane can lead to downed power lines, trees, or worse that can cause you to evacuate. An extra financial cushion can help prepare for extra expenses. It may be difficult to create an emergency fund during these uncertain times, so take advantage of tools, like this roadmap, to help you get started.
SIGN UP FOR ONLINE AND MOBILE BANKING.
A natural disaster, like a hurricane, could disrupt mail service, or if you evacuate, prevent you from receiving your mail. Enrolling in online and mobile banking is a great idea, so you can access your accounts, pay bills and see important account information anytime from anywhere.
TRY TO KEEP CASH ON HAND.
If a hurricane is headed your way, try to keep some cash on hand. If the electricity is out, ATMs will not work and businesses will not be able to accept credit cards. Additionally, fill your gas tank, since gas pumps will not work if the power is out.
SAFEGUARD IMPORTANT PAPERS.
Make copies of important documents and store them in zippered plastic bags, in case of flood or water damage. Taking pictures of documents and uploading digital copies to a secure cloud account is also a great best practice.
BUY SUPPLIES OVER TIME.
Due to coronavirus, many of us have already stocked up on extra items. However, if you need to stock up on bottled water, batteries or nonperishable food items, start early. Look for sales and buy over time to ease the strain on your wallet. Create a savings plan for extras to help you budget. Also, make sure to have masks or face coverings for you and your family in case you.
CHECK INSURANCE COVERAGE.
Look over insurance policies for your house, car or the apartment you rent to make sure you have enough coverage for an emergency. Review what is covered and what is not. Make sure you understand your deductible, and whether you potentially need flood insurance.
Preparing yourself financially now, as best you can, for a hurricane can help ease the burden on your wallet if a hurricane strikes.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank does not endorse nor is affiliated with the companies listed in this article.