Are You Financially Prepared For An Emergency

Are You Financially Prepared For An Emergency



Are You Financially Prepared For An Emergency?
A little planning now can help you handle a​ natural disaster or​ other emergency.
Many Americans have focused on their need to​ be prepared in​ case of​ an​ emergency .​
Very few, however, consider financial preparedness in​ their plans .​
From keeping an​ evacuation box with important documents to​ setting up an​ account with emergency funds, preparing now can be the difference between financial security and financial crisis .​
These simple tips from financial experts at​ Union Bank of​ California can help anyone prepare financially for a​ natural disaster:
• Conduct a​ Household Inventory
Create a​ household inventory for items of​ significant value and locate originals of​ important financial and family documents .​
Store original documents in​ waterproof bags in​ a​ safe deposit box or​ durable evacuation box and photocopies in​ a​ safe place .​
Use a​ CD to​ back up key documents on your computer .​
If practical, store copies with friends or​ relatives who live outside the area .​
• Know Your Insurance Policies
Understand what types of​ losses your renters or​ homeowners insurance covers .​
Ask your insurance agent or​ financial planner about additional coverage for floods, earthquakes, home offices and big-ticket items .​
Keep copies of​ your policies in​ a​ safe place along with your other important papers.
• Keep Cash Accessible
Keep at​ least $300 in​ cash at​ home in​ a​ place where you can get to​ it​ quickly in​ case of​ a​ sudden evacuation .​
The money should be in​ small denominations for easier use.
• Create and Maintain a​ List of​ Emergency Contacts
Keep a​ list of​ important emergency contacts, including direct family members, doctors, medical facilities, numbers for your bank, insurance agent and company, lawyer and financial planner/advisor .​
Credit card 1-800 numbers can help you quickly retrieve account information .​
• Keep an​ Emergency Savings Account
This account should be separate from any other account and contain enough money to​ cover at​ least three to​ six months of​ living expenses .​
We've learned from the aftermath of​ recent natural disasters that financial preparedness is​ not always top of​ mind, said Union Bank's Executive Vice President Ronald Kendrick .​
Follow these guidelines to​ ensure you and your family are protected financially.




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