Five Tips to Avoid Financial Disaster This Hurricane Season
The 2012 Atlantic hurricane season, spanning June to November, is expected to be near normal according to the
1. Review insurance coverage annually. Review insurance policies to ensure adequate coverage for your home and property. Check hurricane deductibles and determine how you will pay for out-of-pocket costs in the event of loss or damage. Be aware that most homeowners’ policies do not include flood insurance, so purchase a separate policy if your home is located in a flood zone. If renting, obtain renters’ insurance.
2. Inventory possessions every two years. Document your property in writing and with video or photographs. Record model and serial numbers, and include an estimated value for each item in the event you must file a claim. Receipts and professional appraisals updated every two to three years provide the best proof of value. Maintain your inventory list and keep original receipts in a safe deposit box with copies in a portable disaster kit.
3. Safeguard financial information. Download CFE’s Financial Checklist to record important contact numbers for insurance providers, financial institutions, lenders, credit cards, and landlords as applicable. Keep your financial checklist, property inventory, emergency numbers, prescription copies, pet records, insurance policies, recent paystubs, warranties, mortgage/lease, digital backups, and safe deposit key in a kit that can be taken with you if you’re evacuated. Store original documents such as social security cards, titles, deeds, passports, birth, death, adoption, and marriage certificates in a safe deposit box.
4. Establish an emergency fund. Have enough cash to last three days since power outages may disable ATMs and financial institutions, and keep a supply of quarters for pay phones incase cellular service is unavailable. Additionally, employment may suffer after a disaster, so be prepared with three to six months of income in an emergency savings account. If you haven’t started saving, do it now.
5. Be diligent after the storm. File insurance claims quickly and take detailed notes when speaking with insurance adjusters. If you disagree with the settlement offer consider hiring an independent claims adjuster to build your case. Also, be leery of con artists who prey upon storm victims. Always obtain multiple estimates from licensed, bonded contractors and verify their references. All agreements should be in writing and outline the scope of work, materials, costs, and a payment schedule. Do not pay more than 30% up front, and the final payment should not be made until the job is done.
Hurricanes can cause catastrophic damage, but it does not have to lead to financial devastation. CFE’s VP of Branch Operations,
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Copyright: | (c) 2012 PRWEB.COM Newswire |
Source: | PR Web |
Wordcount: | 581 |
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