Are Your Finances Disaster Proof?Posted on July 18, 2022 by shieldsandboris
This is the time of year when natural disasters seem to strike the most, but disasters can happen year-round. It seems like we tend to hear more and more about massive wildfires, severe flooding, tragic earthquakes, and devastating hurricanes.
That’s why it is important to be sure your finances are ready in the event of a disaster by taking these four steps:
- Review your insurance – Many renters make the mistake of thinking they don’t need insurance because they don’t own their home, but the landowner’s insurance won’t cover the contents of the home if there is a disaster.
Homeowners: review your policy and make sure that you have enough coverage to rebuild your home if need be. You should also ensure that you have replacement cost coverage for the contents of your home and not just actual cash value which will give you pennies on the dollar for your stuff.
- Scan Documents into the cloud – If you are away from home when disaster strikes, or don’t have time to grab extra things, it is important to still have access to important documents. Of course, you can make copies and keep them in an off-site location, but the same disaster that hits your home could hit that safe keeping place too.
Consider a file sharing and storage website that is known for its security features. Important documents can be scanned and stored on these cloud-based options.
- Perform a home inventory – This does not have to be difficult. Simply walk around the inside and outside of your home and video everything in and around your home with your smartphone’s camera. After completing the video, store it on the cloud with your important documents.
- Give your passwords emergency access – Experts recommend using a password management to store unique passwords for each account. This requires you to only need to remember one password. This can also allow a trusted person to take over your accounts if you become unable to handle them yourself. Some of these password management services offer emergency access and others do not.
In addition to these steps, you should make a note on your calendar to do these same things every year at the same time. This way, newly created documents, home inventory, and passwords will be protected, and you will have the insurance you need to be protected.
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