Four Tips for Preparing Your Finances for a Natural Disaster

Natural disasters can strike at any time and sometimes with little to no warning. While you may not be able to prevent a natural disaster from happening, you CAN take steps to prepare your finances for such an event.

Create an emergency fund

One of the most important steps to prepare your finances for a natural disaster is to create an emergency fund. Having an emergency fund can help you avoid going into debt or using your retirement savings in the aftermath of a disaster.

Click here for Tips on Saving Money and How to Create an Emergency Fund.

Review your insurance coverage*

Make sure to review your insurance coverage periodically. Insurance can help you cover the cost of repairing or replacing your property, belongings, and vehicles, as well as providing liability protection and medical coverage. Not all insurance policies cover all types of natural disasters, and they may have deductibles, limits, and exclusions that affect your coverage.

*Insurance Products are not insured by the FDIC or any Federal Government Agency; Not a deposit of or guaranteed by the bank or any bank Affiliate.

Secure your important documents

Secure your important documents that prove your identity, ownership, and financial status, such as your birth certificate, passport, driver's license, social security card, etc. These documents can help you access your accounts, claim your benefits, and protect your rights, after a disaster.

Store these documents in a safe and accessible place, such as a fireproof and waterproof safe, a safe deposit box, or a trusted friend or relative's home. You should also make copies of your documents, and keep them in a separate location, or scan them and store them electronically, such as on a flash drive, an external hard drive, or a cloud service.

Access financial assistance

Financial assistance from federal, state, or local governments, non-profit organizations, or private lenders can help you cover the expenses that are not covered by your emergency fund or insurance, such as debris removal, home repairs, or relocation costs.

Preparing your finances for a natural disaster can help you reduce the financial stress and uncertainty that may arise after a disaster. By creating an emergency fund, reviewing your insurance coverage, securing your important documents, and accessing financial assistance, you can protect your money and assets, and recover faster from the impact of a disaster.Remember, the best time to prepare your finances for a natural disaster is before it happens, so start today and be ready for tomorrow.

For more tips on preparing for a natural disaster, click here.

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