We’re approaching the end of hurricane season, which is a relief given the challenging year we’ve experienced. However, natural disasters don’t follow a strict schedule. With the changing global climate, the frequency and intensity of severe weather events like hurricanes and earthquakes may increase. Consequently, it’s crucial to ensure your finances are secure before a catastrophic event occurs.
Firstly, consider homeowner’s insurance. Even if your income doesn’t rely on your home, storm damage could deplete your savings through repairs, replacements, or temporary relocation. Therefore, it’s essential to have homeowner’s insurance that covers damages from common disasters in your region. Different policies cover various events like floods, earthquakes, and more, so be sure to understand the coverage details.
Secondly, invest in preventive measures to safeguard your home. While making a home entirely disaster-proof is challenging, you can enhance its resilience with storm shutters, sump pumps, reinforced foundations, and other safety features. While homeowner’s insurance is essential, preventing damage altogether is even better. Research the risks specific to your area and take precautions to minimize potential harm.
Lastly, keep emergency funds readily available. Relying solely on bank accounts may leave you vulnerable during power outages or emergencies. It’s wise to keep some cash on hand to cover essential expenses such as food and temporary shelter. Consider storing up to $2,000 in a secure lockbox in a discreet but accessible location within your home.
