Wildfires in California. Hurricanes in Florida. While natural disasters like these are less common here in western Massachusetts, blizzards, tornadoes, fires and more still pose threats. The experts at Freedom Credit Union shared some advice for financial preparation to help residents prepare in advance to save time, money and heartache if disaster strikes.
“Disaster, whether personal or widespread, can strike anytime,” said Freedom Credit Union President Glenn Welch. “The more you can prepare now, the better off you’ll be later. Just as you stock up on salt, shovels and other supplies before a blizzard, you should anticipate your financial needs in an emergency, so you have what you need on hand.”
Compiling important documents and storing them in a safety deposit box at your financial institution—or another safe place that is water- and fire-proof—is the first step. This includes:
- Savings and checking account numbers
- Tax statements
- Insurance policies
- Debit/credit card information
- Paystubs
- Legal documents including birth, marriage and adoption certificates; deeds and titles; social security cards; military service records; wills and other estate-planning documents
Include a list of important contacts and phone numbers, such as your mortgage representative, landlord, healthcare providers, insurance agent, lawyer and others you might need to reach in an emergency if you didn’t have access to your mobile phone.
“It’s also wise to have cash set aside in case you don’t have access to banks or ATMs,” advised Welch. “Think about what you might need to ensure you can access food and other necessities easily in a time of crisis.”
Welch added that photos and videos of valuables can also help make insurance claims proceed more quickly after a disaster.
“Record a video of your home and its contents and take pictures of items of special value,” he said. “Store all the documents, contacts, cash and images you gather in a single, safe place where you can easily access them if needed. Be sure to add a reminder on your calendar to review all the materials once a year and make any necessary updates.”